GEX Management Makes Strategic Changes with New Auditor

GEX Management Announces Auditor Transition

GEX Management, Inc. (OTC Pink: GXXM), a prominent management consulting services firm, has disclosed a significant change to its independent auditor. On September 6, 2024, the company announced the resignation of its former public accounting firm, Fruci & Associates II PLLC. It is important to note that Fruci did not conduct any audits or provide opinions on GEX Management's financial statements for the fiscal years ending December 31, 2023, and 2022.

No Disagreements Present in Auditor Transition

The management of GEX clarified that there were no disagreements or reportable events with Fruci during the fiscal years in question or in the interim period leading up to the resignation. This clarification indicates there were no substantial disputes regarding financial reporting or auditing principles that required mention in any auditor reports, which is crucial for maintaining transparency.

Astra Audit & Advisory Takes the Helm

Following the resignation of Fruci, GEX Management’s Board of Directors appointed Astra Audit & Advisory LLC as the new independent registered public accounting firm on September 12, 2024. This transition aims to enhance the company's financial oversight and ensure that all regulatory standards are met without interruption.

Previous Relationships with the New Auditor

Before this appointment, GEX Management had not engaged in consulting with Astra on any accounting matters that might affect the audit opinion for their financial statements. Furthermore, there were no prior disagreements or events that required reporting with Astra, indicating a clean start for their business relationship.

Ongoing Compliance and Audit Process

As part of its regulatory compliance, GEX Management has shared pertinent disclosures with Fruci and included a letter dated September 16, 2024, which is anticipated to confirm whether Fruci agrees with the company's portrayal of the events surrounding the auditor change. The goal of these steps is to uphold GEX's commitment to compliance with the Securities and Exchange Commission and to maintain the integrity of its financial auditing process.

Changes in Board Leadership

In a related development, GEX Management also announced the resignation of Joseph Frontiere from its Board of Directors. This announcement was made in a recent filing with the Securities and Exchange Commission, highlighting a notable shift in the company's leadership dynamics. As of now, no additional details surrounding the resignation have been released, including reasons or information regarding a potential successor.

Future Leadership Development

GEX Management has yet to unveil any further details regarding the appointment of a new director to replace Frontiere or about adjustments to compensation structures for its executives following this change. These decisions are still being reviewed as the company navigates these recent developments.

Industry Classification and Company Overview

For context, GEX Management, also recognized as 07 Trade & Services, is categorized under the Standard Industrial Classification (SIC) code 8742, indicating its active role within the management consulting space. This classification reflects the firm's commitments to delivering vital consulting services to its clientele.

Frequently Asked Questions

What prompted the change in auditor for GEX Management?

The change was made following the resignation of Fruci & Associates II PLLC, which had not completed any audits for GEX Management.

Who is the new auditor for GEX Management?

The new independent registered public accounting firm appointed is Astra Audit & Advisory LLC, effective September 12, 2024.

Were there any disagreements between GEX and Fruci?

No, GEX Management confirmed that there were no disagreements or reportable events during the engagement with Fruci.

How does GEX Management ensure compliance?

GEX remains committed to compliance by actively engaging with regulatory bodies and maintaining transparent communication regarding auditor changes.

What other recent changes has GEX Management made?

In addition to the auditor change, Joseph Frontiere recently resigned from the Board of Directors, indicating shifts in the company's leadership.

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