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CTD Holdings, Inc. 8-K Filing: New Auditor Engagement & Changes in Financial Oversight

$CYTHW
Form 8-K
Filed on: 2011-04-26
Source
CTD Holdings, Inc. 8-K Filing: New Auditor Engagement & Changes in Financial Oversight

Key Information from the 8-K Filing of CTD Holdings, Inc. (April 25, 2011)

  1. Date of Report: April 25, 2011
  2. Company Information:
  • Name: CTD Holdings, Inc.
  • State of Incorporation: Florida
  • Commission File Number: 000-30451
  • IRS Employer Identification No.: 59-3029743
  • Address: 27317 N.W. 78th Avenue, High Springs, FL 32643
  • Telephone: (386) 454-0887
  1. Item 4.01 - Changes in Registrant's Certifying Accountant:
  • Previous Independent Accountant: Baumann, Raymondo & Company, PA.
  • Action Taken: Baumann was dismissed as the principal accountants for CTD Holdings on April 25, 2011, authorized by the Board of Directors.
  • Audit Reports: Baumann's audit reports for the fiscal years ending December 31, 2010, and December 31, 2009, did not contain any adverse opinions or disclaimers and were not qualified or modified as to uncertainty, audit scope, or accounting principles.
  • Disagreements: There were no disagreements with Baumann on accounting principles or practices, or any reportable events as defined in SEC regulations.
  1. New Independent Accountant:
  • Firm Engaged: Averett Warmus Durkee Osburn Henning, P.A.
  • Engagement Date: April 25, 2011.
  • Purpose: To audit the Company’s consolidated financial statements for the fiscal year ending December 31, 2011.
  • Consultation History: The Company did not consult with Averett regarding accounting principles or auditing matters prior to the engagement.
  1. Exhibit:
  • Exhibit 16.1: Letter dated April 25, 2011, from Baumann, Raymondo & Company, PA, to the U.S. Securities and Exchange Commission is included as part of the filing.

Insights:

  • The dismissal of Baumann, a previous auditor, and the engagement of a new auditor (Averett) signal a transition in the company’s financial oversight, which could be a strategic move for enhanced audit practices or governance.
  • The absence of disagreements or reportable events with Baumann suggests that the previous audit process was smooth, indicating no significant issues in the company's financial reporting for the stated periods.
  • The new auditor's engagement will be crucial for maintaining investor confidence and ensuring compliance with regulatory standards moving forward.