111 Announces Appointment of New Auditor

Rhea-AI Summary

111, Inc. (NASDAQ: YI), a tech-enabled healthcare platform company in China, has appointed Grant Thornton Zhitong Certified Public Accountants LLP as its new independent registered public accounting firm. This change, effective July 19, 2024, replaces Deloitte Touche Tohmatsu Certified Public Accountants LLP. The decision was made after careful evaluation and approved by 111's board of directors and audit committee.

Grant Thornton will audit and report on 111's consolidated financial statements for the year ending December 31, 2024, as well as assess the effectiveness of the company's internal control over financial reporting. This change in auditors represents a significant shift in 111's financial oversight and reporting processes.

Positive

• Appointment of a new reputable auditor (Grant Thornton) may enhance financial credibility
• Change approved by both board of directors and audit committee, indicating thorough governance

Negative

• Changing auditors may raise questions about previous financial statements or reporting practices
• Transition period could potentially delay financial reporting or create short-term uncertainties

SHANGHAI, July 19, 2024 /PRNewswire/ -- 111, Inc. ("111" or the "Company") (NASDAQ: YI), a leading tech-enabled healthcare platform company committed to reshaping the value chain of healthcare industry by digitally empowering the upstream and downstream in China, today announced  the appointment of  Grant Thornton Zhitong Certified Public Accountants LLP ("Grant Thornton") as the Company's independent registered public accounting firm, effective July 19, 2024, replacing Deloitte Touche Tohmatsu Certified Public Accountants LLP.

The change of the Company's independent registered public accounting firm was made after a careful and thorough evaluation process and has been approved by 111's board of directors and audit committee.

Grant Thornton is engaged to audit and report on the consolidated financial statements of the Company for the year ending December 31, 2024 and on the effectiveness of the Company's internal control over financial reporting as of December 31, 2024.

For further details, please refer to the Company's current report on Form 6-K filed on July 19, 2024.

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SOURCE 111, Inc

FAQ

Why did 111 Inc (YI) change its auditor in July 2024?

111 Inc (YI) changed its auditor after a careful evaluation process. The company appointed Grant Thornton to replace Deloitte Touche Tohmatsu, effective July 19, 2024. The change was approved by 111's board of directors and audit committee.

Who is 111 Inc's (YI) new auditor as of July 19, 2024?

111 Inc's (YI) new auditor is Grant Thornton Zhitong Certified Public Accountants LLP, appointed effective July 19, 2024.

What will Grant Thornton audit for 111 Inc (YI) in 2024?

Grant Thornton will audit and report on 111 Inc's (YI) consolidated financial statements for the year ending December 31, 2024, and assess the effectiveness of the company's internal control over financial reporting as of that date.

When was 111 Inc's (YI) auditor change announced?

111 Inc (YI) announced the appointment of its new auditor, Grant Thornton, on July 19, 2024.