Frequency Electronics, Inc. (NASDAQ:FEIM) Files An 8-K Changes in Registrant’s Certifying Accountant
Item 4.01.
(a) Dismissal of Previous Independent Registered Public Accounting Firm
On July 26, 2019, Frequency Electronics, Inc. (the “Company”), following an evaluation of audit fees and costs and at the direction of the Audit Committee (the “Audit Committee”) of the Board of Directors of the Company, chose not to renew the engagement of EisnerAmper LLP (“EisnerAmper”), which was then serving as the Company’s independent registered public accounting firm. The Company notified EisnerAmper on July 29, 2019 that it would be dismissed as the Company’s independent registered public accounting firm, effective immediately. The decision to change independent registered public accounting firms was approved by the Audit Committee.
EisnerAmper’s reports on the Company’s financial statements for the years ended April 30, 2019 and 2018 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.
During the Company’s two most recent fiscal years ended April 30, 2019 and 2018 and the subsequent interim period through July 26, 2019, there were (i) no disagreements, within the meaning of Item 304(a)(1)(iv) of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended (“Regulation S-K”), and the related instructions thereto, with EisnerAmper on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of EisnerAmper, would have caused it to make reference to the subject matter of the disagreements in connection with its reports on the consolidated financial statements of the Company for such years, and (ii) no “reportable events” within the meaning of Item 304(a)(1)(v) of Regulation S-K and the related instructions thereto.
The Company has provided EisnerAmper with the disclosures under this Item 4.01(a), and has requested EisnerAmper to furnish the Company with a letter addressed to the Securities and Exchange Commission stating whether it agrees with the statements made by the Company in this Item 4.01(a) and, if not, stating the respects in which it does not agree. EisnerAmper’s letter is filed as Exhibit 16.1 to this Current Report on Form 8-K.
(b) Appointment of New Independent Registered Public Accounting Firm
On July 26, 2019, the Audit Committee approved the appointment of BDO USA, LLP (“BDO”) as the Company’s new independent registered public accounting firm, effective upon dismissal of EisnerAmper on July 29, 2019. During the Company’s two most recent fiscal years ended April 30, 2019 and 2018, and the subsequent interim period through July 29, 2019, neither the Company nor anyone acting on its behalf consulted with BDO regarding either (a) the application of accounting principles to a specified transaction, either completed or proposed; or the type of audit opinion that might be rendered on the Company’s financial statements, and neither a written report was provided nor oral advice was provided to the Company that BDO concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting issue; or (b) any matter that was either the subject of a disagreement (as defined in paragraph 304(a)(1)(iv) of Regulation S-K and the related instructions thereto) or a reportable event (as described in paragraph 304(a)(1)(v) of Regulation S-K).
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
FREQUENCY ELECTRONICS INC Exhibit
EX-16.1 2 ex_152010.htm EXHIBIT 16.1 ex_152010.htm Exhibit 16.1 July 29,…
To view the full exhibit click here
About Frequency Electronics, Inc. (NASDAQ:FEIM)
Frequency Electronics, Inc. (FEI) is principally engaged in the design, development and manufacture of precision time and frequency control products and components for microwave integrated circuit applications. The Company operates in three segments: FEI-NY, Gillam-FEI and FEI-Zyfer. The FEI-NY segment also includes the operations of the Company’s subsidiaries, Frequency Electronics, Inc. Asia (FEI-Asia) and FEI-Elcom Tech, Inc. (FEI-Elcom). It operates through several facilities located across the world, which is used for manufacturing its products and for administrative activities, which includes Long Island, New York; Garden Grove, California; Liege, Belgium; Tianjin, China, and Rockleigh, New Jersey. The Company’s services are employed in commercial, government, command, control, communication, computer, intelligence, security and reconnaissance (C4ISR) and other military electronic systems. Its technology is used for a range of terrestrial and space applications.
