Better Choice Co Inc. (NYSE American:BTTR), a company in the beverages sector, disclosed a change in its certifying accountant on July 12, 2024. The Tampa, Florida-based company has decided to part ways with its previous independent registered public accounting firm, BDO USA, P.C., and has engaged Marcum LLP for the fiscal year ending December 31, 2024.
The decision to change accountants was approved by the company's Board of Directors upon the recommendation of the audit committee. This transition comes after BDO's reports on Better Choice's financial statements for the years ended December 31, 2022, and 2023, which included a "going concern" qualification but did not contain any adverse opinion or disclaimer of opinion. Moreover, there were no disagreements on matters of accounting principles or practices between the company and BDO during the two most recent fiscal years up to July 12, 2024.
However, the company's annual report for the year ended December 31, 2023, identified material weaknesses in internal control over financial reporting, specifically in cybersecurity and IT general controls, policies and procedures for complex transactions, and controls over revenue recognition. The company has reported that the material weakness related to cybersecurity and IT general controls was remediated as of March 31, 2024.
Better Choice provided BDO with the disclosures regarding their dismissal and has included BDO's letter to the U.S. Securities and Exchange Commission, stating their agreement with the statements made by Better Choice, as Exhibit 16.1 in the filing.
Prior to engaging Marcum, Better Choice had not consulted the firm for any accounting advice on completed or proposed transactions, nor on any matters of disagreement or reportable events as defined by SEC regulations.
This announcement is based on a press release statement and is intended to provide shareholders and the public with essential information regarding the company's financial management and oversight.
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