Siebert Financial Corp. (NASDAQ:SIEB), a company specializing in brokerage and financial services, has announced a change in its independent registered public accounting firm. As of July 24, 2024, the company has appointed Crowe LLP as its new auditor for the fiscal year ending December 31, 2024. This decision was approved by the audit committee of Siebert Financial's board of directors.
The transition to a new auditor comes after the resignation of Baker Tilly US, LLP, which was previously reported in a Form 8-K filed on May 16, 2024. Siebert Financial has confirmed that during the fiscal years ended December 31, 2023, and 2022, as well as the subsequent interim period up to the date of Crowe's appointment, there were no disagreements or reportable events as defined by SEC regulations that would have prompted consultation with Crowe regarding accounting or auditing matters.
This change in the company's certifying accountant is part of the normal course of business and does not stem from any disagreements between the company and the former accountant on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.
InvestingPro Insights
As Siebert Financial Corp. (NASDAQ:SIEB) navigates through its auditor transition, investors may find it beneficial to consider key financial metrics and insights. According to InvestingPro data, Siebert Financial boasts a market capitalization of $68.99 million and a very attractive P/E ratio of 4.77, reflecting investor confidence in the company's earnings capabilities. Furthermore, the firm has shown impressive revenue growth of 36.11% over the last twelve months as of Q1 2024, signaling potential for future expansion and profitability.
InvestingPro Tips suggest that while Siebert Financial has been profitable over the last twelve months, it is also experiencing high price volatility and does not pay dividends to shareholders. This information is crucial for investors who prioritize stability and regular income. Moreover, the valuation implies a poor free cash flow yield, which could be a concern for those focused on the company's ability to generate cash.
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