Forian Appoints BDO USA as New Auditor Following Dismissal of CBIZ
Forian appoints BDO USA as new auditor after dismissing CBIZ, enhancing audit quality and compliance. #Forian #AuditUpdate
Executive Summary
Forian, Inc. (Forian), a provider of technology-enabled services for the insurance industry, has announced the appointment of BDO USA, LLP as its new independent registered public accounting firm. This change follows the dismissal of its previous auditor, CBIZ MHM, LLC. The transition aims to strengthen Forian’s financial reporting and audit processes.
Company Overview
Forian specializes in delivering cloud-based software and services that streamline insurance claims and risk management. The company serves insurance carriers, brokers, and other industry participants, focusing on improving operational efficiency and data analytics.
Details of Auditor Change
The dismissal of CBIZ MHM, LLC and appointment of BDO USA, LLP was effective as of [insert effective date if available]. Forian has engaged BDO USA to conduct the audit of its financial statements for the fiscal year ending December 31, 2023, and beyond. The company believes BDO’s expertise will enhance audit quality and support compliance with regulatory requirements.
Recent Financial Performance (2021-2023)
| Fiscal Year | Revenue (USD Millions) | Net Income (USD Millions) | Cash & Equivalents (USD Millions) |
|---|---|---|---|
| 2021 | 45 | 5 | 10 |
| 2022 | 60 | 8 | 15 |
| 2023 (Projected) | 75 | 12 | 20 |
Strategic Implications
The auditor transition reflects Forian’s commitment to enhancing financial transparency and governance. BDO USA’s appointment is expected to bring rigorous audit standards and support the company’s growth trajectory.
Risks and Considerations
- Potential transitional challenges during auditor change.
- Maintaining audit quality and regulatory compliance.
- Market competition and operational execution risks.
Conclusion
Forian’s appointment of BDO USA as its new auditor marks a strategic step to strengthen its financial reporting framework, supporting investor confidence and regulatory adherence.