October 19, 2021

Dot VN, Inc. and PLS CPA: A Love Story in One 8-K

Like that miserable couple you know that have been together far too long, here's a, seemingly, dramatic auditor/client interlude, starting with an auditor walking out after years of neglect:

On October 13, 2014, the Company was notified by PLS CPA, a Professional Corp. (“PLS”) that the firm resigned as the Company’s independent registered public accounting firm for internal reasons related to the Company having not requested their services to audit the prior three (3) fiscal years.  The resignation of PLS was accepted by the Company’s board of directors.

Can't you just hear it? : "I feel like I'm invisible! Sometimes I just want to talk about your revenue recognition BUT, NOOOO! You can't be bothered. I'll go find some clients that actually APPRECIATE me for my independence and integrity."

Six months later, guess who comes crawling back:

On April 29, 2015, the Company re-engaged PLS CPA, a Professional Corp. as the Company’s independent registered public accounting firm for the audit of the fiscal year ended April 20, 2012 and for the audits of fiscal years ended April 30, 2013, 2014, and 2015 and to perform the interim quarterly reviews associated with such fiscal years.

"This time it's different! I can't live without you. I'll never leave you hanging for three years ever again!"

Don't trust 'em, PLS. Clients never change.

[8-K via Auditor Carousel]

 

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

PwC Might Do Something No Other Big 4 Firm Has Ever Done Before

After years and years of PCAOB inspections of the Big 4 in which the percentage of audits of public companies that weren’t up to snuff have been in the 30s, 40s, and even 50s, we finally had a respectable audit report card earlier this year when Deloitte nearly had a single-digit deficiency rate in its […]

Audit Market Caps In the UK: The Financial Times Fails a Math Test

“The Glacial Pace of Audit Reform Needs To Speed Up” The Financial Times might wish to reconsider this headline, above its editorial of late last week. Global climate change considered, the metaphor may be more apt than intended, as the likely fate of the world’s glaciers is their tragic and accelerating collapse into muddy puddles amid massive fields […]