Chicago Rivet & Machine Co. announced a change in its independent registered public accounting firm, dismissing Crowe LLP and appointing Cherry Bekaert as the new firm. This decision, effective May 27, 2025, follows Crowe's reports on the company's financial statements for 2023 and 2024, which highlighted concerns about the company's ability to continue as a going concern due to declining revenues, recurring losses, and reduced liquidity. Additionally, material weaknesses in internal control over financial reporting were identified, particularly related to income tax and inventory valuation. While the issue with income tax has been resolved, the inventory valuation weakness remains unaddressed. Crowe has yet to agree or decline to provide a statement regarding these changes to the SEC.
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