SMC Entertainment, Inc. (OTC:SMCE), a company specializing in computer processing and data preparation services, announced today a change in its certifying accountant. The company's Board of Directors has appointed RBSM, LLP as its new independent registered public accounting firm effective today, following the resignation of the previous auditor, Olayinka Oyebola & Co ("Olayinka").
The resignation of Olayinka and the appointment of RBSM both took place on Monday, with immediate effect. According to the 8-K filing with the Securities and Exchange Commission (SEC), the financial statements of SMC Entertainment for the fiscal years ended December 31, 2023, and December 31, 2022, did not contain any adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles.
During the fiscal years in question and through the interim period ending March 31, 2024, there were no reported disagreements between SMC Entertainment and Olayinka regarding accounting principles or practices, financial statement disclosure, or auditing scope or procedure that would have prompted Olayinka to reference such disagreements in their audit reports.
Furthermore, the company reported that throughout the aforementioned periods, Olayinka did not advise them of any issues that are required to be reported under SEC regulations. As part of the transition, SMC Entertainment has received a letter from Olayinka addressed to the SEC, which has been filed as an exhibit with the 8-K, stating whether they agree with the statements made by the company regarding their resignation. Details of this letter have not been disclosed in the press release.
The newly appointed firm, RBSM, is set to provide its report for the fiscal year ending December 31, 2024. SMC Entertainment has confirmed that prior to the engagement, there had been no consultations with RBSM regarding the application of accounting principles or any other matters that would require disclosure under SEC regulations.
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