B. Riley Financial Hires BDO USA for 2025 Audit
B. Riley Financial (NASDAQ: RILY) has appointed BDO USA as its independent registered public accounting firm for the 2025 audit. The company will continue working with Marcum LLP to complete its 2024 annual audit and Form 10-K filing. The transition aims to restore timely financial reporting.
The company's financial team has made progress on Q1 and Q2 2025 Form 10-Qs while the 2024 audit continues. BDO, one of the world's top five accounting firms, brings extensive financial services sector experience and operational scale, with over 12,000 professionals across 75 U.S. offices.
B. Riley Financial (NASDAQ: RILY) ha nominato BDO USA come sua società di revisione contabile indipendente per il bilancio 2025. La società continuerà a collaborare con Marcum LLP per completare la revisione del 2024 e la presentazione del modulo 10-K. L'obiettivo della transizione è ripristinare una rendicontazione finanziaria puntuale.
Il team finanziario dell'azienda ha registrato progressi nella preparazione dei moduli 10-Q relativi al primo e al secondo trimestre 2025, mentre procede la revisione del 2024. BDO, fra i primi cinque studi contabili mondiali, offre ampia esperienza nel settore dei servizi finanziari e una capacità operativa significativa, con oltre 12.000 professionisti in 75 uffici negli Stati Uniti.
B. Riley Financial (NASDAQ: RILY) ha designado a BDO USA como su firma de auditoría independiente para la auditoría de 2025. La compañía seguirá trabajando con Marcum LLP para completar la auditoría de 2024 y la presentación del Formulario 10-K. La transición busca restablecer la presentación financiera oportuna.
El equipo financiero de la empresa ha avanzado en los Formularios 10-Q del primer y segundo trimestre de 2025 mientras continúa la auditoría de 2024. BDO, una de las cinco principales firmas contables del mundo, aporta amplia experiencia en el sector de servicios financieros y una escala operativa considerable, con más de 12,000 profesionales en 75 oficinas en EE. UU.
B. Riley Financial (NASDAQ: RILY)는 2025년 회계감사를 위해 독립 감사법인으로 BDO USA를 선임했습니다. 회사는 2024년 연례 감사 및 Form 10-K 제출을 완료하기 위해 계속해서 Marcum LLP와 협력할 예정입니다. 이번 전환은 적시 재무보고를 복원하는 것을 목표로 합니다.
재무팀은 2024년 감사가 진행되는 동안 2025년 1분기 및 2분기 Form 10-Q 작성에서 진전을 보였습니다. 세계 상위 5대 회계법인 중 하나인 BDO는 금융서비스 부문에 대한 폭넓은 경험과 운영상의 규모를 갖추고 있으며, 미국 내 75개 사무소에서 12,000명 이상의 전문인력을 보유하고 있습니다.
B. Riley Financial (NASDAQ: RILY) a nommé BDO USA en tant que cabinet d'audit indépendant pour l'audit 2025. La société continuera de travailler avec Marcum LLP pour finaliser l'audit 2024 et le dépôt du formulaire 10-K. Cette transition vise à rétablir une communication financière en temps voulu.
L'équipe financière a progressé sur les formulaires 10-Q du premier et du deuxième trimestre 2025 alors que l'audit 2024 se poursuit. BDO, l'un des cinq plus grands cabinets comptables mondiaux, apporte une vaste expérience dans le secteur des services financiers et une importante envergure opérationnelle, avec plus de 12 000 professionnels répartis dans 75 bureaux aux États-Unis.
B. Riley Financial (NASDAQ: RILY) hat BDO USA als unabhängige Wirtschaftsprüfungsgesellschaft für die Prüfung 2025 bestellt. Das Unternehmen wird weiterhin mit Marcum LLP zusammenarbeiten, um die Abschlussprüfung für 2024 und die Einreichung des Formulars 10-K abzuschließen. Ziel des Wechsels ist die Wiederherstellung einer fristgerechten Finanzberichterstattung.
Das Finanzteam des Unternehmens hat Fortschritte bei den Form 10-Q für das erste und zweite Quartal 2025 erzielt, während die Prüfung für 2024 andauert. BDO, eine der weltweit fünf größten Prüfungsgesellschaften, bringt umfassende Erfahrung im Finanzdienstleistungssektor und erhebliche operative Kapazitäten mit, mit über 12.000 Fachkräften in 75 US-Niederlassungen.
- Strategic appointment of BDO USA, a top-5 global accounting firm, demonstrates commitment to improving financial reporting
- Progress made on Q1 and Q2 2025 Form 10-Qs while 2024 audit continues
- Company reports significant business momentum
- Delayed financial reporting and outstanding 2024 Form 10-K indicate reporting challenges
- Change in auditors suggests potential complexities in financial reporting processes
Insights
B. Riley's appointment of BDO signals serious efforts to resolve troubling financial reporting delays while current auditor completes 2024 work.
The appointment of BDO USA for B. Riley Financial's 2025 audit reveals significant underlying issues with the company's financial reporting processes. The current situation appears quite concerning - B. Riley is still working to complete its 2024 annual audit in September 2025, indicating serious delays in financial reporting obligations. The company is simultaneously trying to catch up on Q1 and Q2 2025 reports while still finalizing 2024 results.
This unusual arrangement of engaging a new auditor (BDO) while the current one (Marcum) is still completing prior year work suggests potential complications with the existing audit relationship or scope of issues being addressed. The mention of needing "the surest path to returning to timely financial reporting" confirms the company has fallen significantly behind regulatory filing requirements.
The involvement of "a national accounting and advisory firm" beyond their auditors indicates the depth of assistance needed to remediate reporting deficiencies. The selection of BDO, highlighted as "one of the world's top five accounting firms" with "deep experience in financial services," signals the company recognizes it needs substantial accounting resources to address these challenges. Investors should view this announcement as both an acknowledgment of serious reporting problems and an attempt to demonstrate the company is taking meaningful steps toward resolution.
"We are pleased to engage BDO for our 2025 annual audit and interim financial reporting. By appointing BDO and staging the 2025 review process while simultaneously working with Marcum to compete the 2024 audit, we put the Company on what we believe to be the surest path to returning to timely financial reporting. I appreciate the dedication of the audit firms and our team. We have significant momentum in the business. It's a critical corporate priority to regain timely financial reporting," said Bryant Riley, B. Riley Financial Chairman and Co-Chief Executive Officer.
"The Company's financial reporting team, with the support of a national accounting and advisory firm, has made substantial progress on the first and second quarter 2025 Form 10-Qs while the 2024 annual audit process has been on-going. We will continue to collaborate with Marcum on the completion of the 2024 audit and Form 10-K filing. BDO has deep experience in the financial services sector and the operational scale to drive our timely financial reporting goals," said Scott Yessner, B. Riley Financial Chief Financial Officer.
BDO, one of the world's top five accounting firms, provides assurance, tax, and advisory services globally with over 12,000 professionals across 75 U.S. offices.
About B. Riley Financial
B. Riley Financial (BRF) is a diversified financial services company that through its operating entities or affiliates deliver tailored solutions to meet the strategic, operational, and capital needs of its clients and partners. BRF leverages cross-platform expertise to provide clients with full service, collaborative solutions at every stage of the business life cycle. Through its subsidiaries and affiliated entities, BRF provides end-to-end financial services across investment banking, institutional brokerage, private wealth and investment management, financial consulting, and corporate restructuring services. BRF opportunistically invests to benefit its shareholders, and certain affiliates originate and underwrite senior secured loans for asset-rich companies. BRF refers to B. Riley Financial, Inc. and/or one or more of its subsidiaries or affiliates. For more information, please visit www.brileyfin.com. For more information, please visit www.brileyfin.com.
Forward-Looking Statements
Statements made in this press release that are not descriptions of historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition, and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of today's date. All statements other than statements of historical fact are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's performance or achievements to be materially different from any expected future results, performance, or achievements. Forward-looking statements speak only as of the date they are made and the Company assumes no duty to update forward-looking statements, except as required by law. Actual future results, performance or achievements may differ materially from historical results or those anticipated depending on a variety of factors, some of which are beyond the control of the Company, including, but not limited to, the risks described from time to time in the Company's periodic filings with the SEC, including, without limitation, the risks described in the Company's 2023 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (as applicable). These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. All information is current as of the date this press release is issued, and the Company undertakes no duty to update this information.
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SOURCE B. Riley Financial
FAQ
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