CDT Equity dismisses CBIZ CPAs, engages Carr Riggs & Ingram as auditor
CDT Equity Inc.'s audit committee dismissed CBIZ CPAs P.C. as its independent registered public accounting firm on June 23, 2026, and engaged Carr, Riggs & Ingram, L.L.C. in its place. CBIZ CPAs' audit report for the year ended December 31, 2025 contained an explanatory paragraph noting substantial doubt about the company's ability to continue as a going concern. The company disclosed five material weaknesses in internal control over financial reporting during CBIZ CPAs' tenure, including limited segregation of duties, lack of formal review processes for significant transactions, inadequate internal control design, failure to appropriately review material transaction accounting, and inconsistent controls over related-party transactions.
Key facts
- CBIZ CPAs P.C. dismissed June 23, 2026; Carr, Riggs & Ingram, L.L.C. engaged same date
- CBIZ CPAs' 2025 audit report contained going-concern qualification
- Five material weaknesses in internal control over financial reporting disclosed for year ended December 31, 2025
- No disagreements between company and CBIZ CPAs on accounting principles, disclosure, or audit scope
- Company had previously dismissed Marcum LLP on April 24, 2025 and appointed CBIZ CPAs on April 25, 2025
- Material weakness: segregation of duties limited and reliant on interim personnel and third-party consultants
- Material weakness: recurring errors in account balances and disclosures; no formal contemporaneous review process
- Material weakness: inadequate internal control design under appropriate framework
- Material weakness: restatement of prior periods due to failure to review accounting implications of material transactions
- Material weakness: inconsistent controls and documentation over related-party transactions
Why it matters
The dismissal follows an auditor change less than 14 months prior and occurs against a backdrop of going-concern doubt and multiple material weaknesses in the company's financial reporting infrastructure, signaling continued governance and control challenges.
Developing story
- NT 10-Q
- NT 10-K
- 8-Kthis filing
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Derived from 8-K filed 2026-06-29. Not investment advice. View the source filing on SEC.gov →