111 Announces Appointment of New Auditor
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.
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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
Details
News Market Reaction – YI
The recorded move for YI in the trading session of this news was +2.40%.
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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.
View original content:https://www.prnewswire.com/news-releases/111-announces-appointment-of-new-auditor-302200641.html
SOURCE 111, Inc
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