- Tempo Automation Holdings, Inc (NASDAQ:TMPO) shares have been trading higher Monday since it disclosed a change in its audit firm effective April 18, 2023.
- After a competitive selection process, Tempo Automation appointed WithumSmith+Brown PC as the independent registered public accounting firm for FY23.
- The company has dismissed BDO USA, LLP as its public accounting firm.
- The report of BDO on the company’s consolidated financial statements for FY21 and FY22 did not contain an adverse opinion or disclaimer of opinion, except that BDO’s report for FY22 included an explanatory paragraph indicating that there was substantial doubt about the company’s ability to continue as a going concern.
- Also, as of FY22 10-K, the company did not maintain sufficient resources who possess an appropriate level of expertise to timely review account reconciliations and identify, select, and apply GAAP for revenue recognition, inventory, equity administration, and to significant financing transactions, including business combinations, which failed to detect accounting errors in these areas; and (b) as a result of insufficient resources, the company failing to maintain adequate IT general controls, specifically, related to segregation of duties and system implementation. The company is yet to remediate the material weaknesses.
- Price Action: TMPO shares traded higher by 33% at $0.9315 on the last check Monday.
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