IOU Financial Announces Change of Auditor
IOU Financial Inc. (TSXV: IOU) has announced a change of auditor from PricewaterhouseCoopers LLP to KPMG LLP, effective August 26, 2022. The resignation of the Former Auditor was initiated by them, and there were no reportable events or modified opinions regarding IOU's financial statements for the last two fiscal years. KPMG will serve as the new auditor until the next annual general meeting. The company has originated over US$1 billion in small business loans since 2009 through its IOU360 technology platform.
- Appointment of KPMG could enhance audit quality and investor confidence.
- No reportable events or modified audit opinions from the Former Auditor.
- Established track record with over US$1 billion in loans since 2009.
- None.
MONTREAL, Aug. 26, 2022 /PRNewswire/ - IOU Financial Inc. (TSXV: IOU) ("IOU Financial" or the "Company"), a leading online lender to small businesses (IOUFinancial.com), announced today the change of its auditor from PricewaterhouseCoopers LLP (the "Former Auditor") to KPMG LLP ("KPMG") effective August 26, 2022.
IOU Financial's board of directors accepted the resignation of the Former Auditor, which resigned of its own initiative, effective August 26, 2022, and appointed KPMG as its auditor effective on the same date and until the close of the Company's next annual general meeting of shareholders.
There was no modified opinion in the Former Auditor's audit reports with respect to the Company's financial statements for the two most recently completed fiscal years. In the opinion of the Company, no "reportable events" (as this term is defined in National Instrument 51-102 - Continuous Disclosure Obligations) has occurred between the Company and the Former Auditor.
In accordance with National Instrument 51-102, the Notice of Change of Auditor, together with the required letters from the Former Auditor and the Successor Auditor, have been reviewed by the audit committee and the board of directors and have been filed on SEDAR.
On behalf of the Company's shareholders and Board of Directors, I would like to express our sincere gratitude to PricewaterhouseCoopers LLP for their past services", said Mr. Evan Price, IOU Financial's Chairman of the Board of Directors.
"We look forward to working with KPMG in the future", said Mr. David Kennedy, CFO of IOU Financial.
About IOU Financial Inc.
IOU Financial Inc. is a wholesale lender that provides quick and easy access to growth capital to small businesses through a network of preferred brokers across the US. Built on its proprietary IOU360 technology platform that connects underwriters, merchants and brokers in real time, IOU Financial has become a trusted alternative to banks by originating over US
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE IOU Financial Inc.
FAQ
What prompted IOU Financial to change their auditor to KPMG?
Did the previous auditor, PricewaterhouseCoopers, identify any issues in their reports for IOU Financial?
When will KPMG serve as the auditor for IOU Financial?
What is the significance of IOU Financial's ability to originate over $1 billion in loans?
