Aeries Technology switches to new accounting firm

Aeries Technology, Inc. (NASDAQ:AERT), a company specializing in management consulting services, has announced a change in its independent accounting firm. On Monday, the company's Audit Committee decided to dismiss KNAV CPA LLP and appoint Manohar Chowdhry & Associates (MCA) as the new auditor.

The decision to change auditors comes after KNAV, which has been auditing Aeries Technology since February 1, 2024, and previously audited AARK since 2022, advised the company on the need to expand audit procedures related to revenue recognition for certain contracts. The company's management decided to engage an auditor closer to its accounting operations in India for more efficient auditing.

During the fiscal years ending March 31, 2023, and March 31, 2024, there were no disagreements with KNAV on accounting principles or practices, financial statement disclosure, or auditing scope or procedures that would have warranted a mention in KNAV's reports. However, KNAV's report on AARK's financial statements for the fiscal years ended March 31, 2023, and March 31, 2022, included an explanatory paragraph about restatements to correct misstatements.

Aeries Technology also disclosed material weaknesses in its internal control over financial reporting as of December 31, 2023, which were discussed with KNAV.

MCA will audit the company's financial statements for the fiscal years ended March 31, 2024, and 2023. There were no consultations with MCA during the fiscal years ended March 31, 2023, and March 31, 2024, regarding accounting principles or any disagreements or reportable events as defined by SEC regulations.

In other recent news, Aeries Technology, Inc. has made significant strides in its business operations. The company recently announced amendments to its executive compensation and equity incentive plans, marking a key development in its corporate governance.

The Board of Directors approved changes to the company's 2023 Equity Incentive Plan, which include an increase in the total number of Class A ordinary shares authorized under the plan to 11,928,287, known as the New Share Reserve.

These changes also involve the removal of the annual limits on awards issued to a single individual under specific sections of the plan. The revised New Share Reserve and the Evergreen Provision require approval from the company's shareholders and will only take effect upon such approval. The Board and the Committee also amended the employment agreements of key executives, including CEO Sudhir Appukuttan Panikassery and CFO Rajeev Gopala Krishna Nair, without materially altering the compensatory terms.

In another major move, Aeries Technology secured a $5 million investment via private placement, a significant step in the company's expansion strategy. This funding is expected to play a crucial role in the next phase of the company's growth.

The company also received the Great Place to Work Certification, highlighting its commitment to creating a conducive work environment. These are recent developments in Aeries Technology's pursuit of business success.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.