UTime replaces Assentsure as independent auditor
UTime Ltd replaces its independent auditor without reported disagreements, while reiterating previously disclosed material weaknesses in internal control.
Rhea-AI Filing Summary
UTime Ltd (FXHO) reports an auditor change, dismissing Assentsure PAC and appointing Li CPA LLC as its independent registered public accounting firm, effective upon execution of an engagement letter. The change followed a careful evaluation and was approved by the company’s audit committee.
UTime states the decision was not due to any disagreements with Assentsure over accounting principles, financial statement disclosure, or audit scope or procedures. Assentsure’s audit reports on the consolidated financial statements for the fiscal years ended March 31, 2026 and 2025 contained no adverse opinion, disclaimer, or qualification. The company notes there were no reportable events in the past two fiscal years and through September 9, 2026, other than material weaknesses in internal control previously reported in its Form 20-F for the year ended March 31, 2026.
Positive
- None.
Negative
- The company references previously disclosed material weaknesses in internal control over financial reporting for the fiscal year ended March 31, 2026, which remain a significant governance and reporting concern.
Key Figures
Former auditor fiscal years covered: Fiscal years ended March 31, 2026 and March 31, 2025
Reference date for auditor change: September 9, 2026
Form 20-F filing date: August 10, 2026
3 metrics
Former auditor fiscal years covered
Fiscal years ended March 31, 2026 and March 31, 2025
Assentsure’s audit reports on UTime’s consolidated financial statements
Reference date for auditor change
September 9, 2026
Date through which UTime evaluated disagreements and reportable events with Assentsure
Form 20-F filing date
August 10, 2026
Date UTime filed its Form 20-F reporting material weaknesses for fiscal year ended March 31, 2026
Key Terms
independent registered public accounting firm, material weaknesses, reportable events, Form 20-F
4 terms
independent registered public accounting firm financial
"appointed Li CPA LLC as its independent registered public accounting firm"
An independent registered public accounting firm is an outside accounting company officially registered with the government regulator to examine and report on a public company's financial records and controls. Investors treat its reports like an impartial inspector’s certificate — they add credibility to financial statements, help spot errors or misleading claims, and reduce the risk that shareholders are relying on unchecked or biased numbers.
material weaknesses financial
"other than the material weaknesses reported by management in the annual report"
Material weaknesses are significant flaws in a company’s systems for ensuring its financial reports are accurate and reliable. Like a broken lock on a safe, they increase the chance that financial statements contain big errors or omissions, which can mislead investors about performance and risk; discovering one often raises questions about management oversight, may lead to restated results, and can affect investor confidence and a company’s valuation.
reportable events regulatory
"there were no “reportable events” as that term is described in Item 16F"
Reportable events are significant incidents or changes a company is legally required to disclose to regulators and the public, such as major safety problems, legal actions, financial irregularities, or management changes. They matter to investors because these events can alter a company’s risk profile or future performance, much like a dashboard warning light signals a problem that could affect a car’s safety or reliability. Timely disclosure helps investors make informed decisions and maintain market fairness.
Form 20-F regulatory
"Item 16F of Form 20-F, other than the material weaknesses reported"
Form 20-F is the standardized annual disclosure that non-U.S. companies must file with the U.S. securities regulator when their shares are traded in the U.S.; it contains audited financial statements, a plain-language description of the business, management discussion, governance details and key risk factors. It matters to investors because it provides a consistent, comparable company “report card” and rulebook, helping buyers assess financial health, governance and risks before investing.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What auditor change did UTime Ltd (FXHO) announce in this Form 6-K?
UTime Ltd dismissed Assentsure PAC and appointed Li CPA LLC as its independent registered public accounting firm, effective upon execution of an engagement letter between the company and Li.
Did UTime Ltd (FXHO) report any disagreements with its former auditor Assentsure PAC?
No. UTime states there were no disagreements with Assentsure on accounting principles or practices, financial statement disclosure, or auditing scope or procedure during the two most recent fiscal years and through September 9, 2026.
How were Assentsure PAC’s audit opinions on UTime Ltd’s financial statements characterized?
Assentsure’s reports on UTime’s consolidated financial statements for the fiscal years ended March 31, 2026 and 2025 did not contain an adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, scope, or accounting principles.
What additional step did UTime Ltd (FXHO) take with Assentsure PAC regarding this disclosure?
UTime provided Assentsure with a copy of the disclosure and requested a letter to the SEC stating whether Assentsure agrees with the statements. This letter is filed as Exhibit 16.1 to the Form 6-K.
AI-generated analysis. How Rhea-AI works. Not financial advice.
