Item 4.01. Change in Registrant's Certifying Accountant.
Previous Independent Registered Public Accounting Firm
On January 7, 2020, i3 Verticals, Inc. (the “Company”) notified BDO USA, LLP (“BDO”) that BDO had been dismissed as the Company’s independent registered public accounting firm effective upon the date of filing for the Company’s Form 10-Q for the three months ended December 31, 2019 (the “BDO Dismissal Effective Date”). The Audit Committee of the Board of Directors of the Company (“Audit Committee”) approved the dismissal of BDO.
The reports of BDO on the audited consolidated financial statements of the Company for the years ended September 30, 2019 and 2018 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles.
During the years ended September 30, 2019 and 2018 and through January 7, 2020, there were no disagreements with BDO on any matter of accounting principles or practices, financial statement disclosures, or auditing scope or procedure, which disagreement(s), if not resolved to the satisfaction of BDO, would have caused it to make reference thereto in its reports on the audited consolidated financial statements of the Company for such years. During the years ended September 30, 2019 and 2018, and through January 7, 2020, there were no “reportable events” as defined under Item 304(a)(1)(v) of Regulation S-K.
Pursuant to Item 304(a)(3) of Regulation S-K, the Company provided BDO with a copy of the disclosures it is making herein and requested that BDO furnish the Company with a letter addressed to the Securities and Exchange Commission (the “SEC”) stating whether it agrees with the above statements. A copy of BDO’s letter to the SEC dated January 10, 2020 is attached as Exhibit 16.1 hereto.
New Independent Registered Public Accounting Firm
The Audit Committee conducted a competitive process to determine the Company’s independent registered public accounting firm for the Company’s fiscal year ending September 30, 2020. The Audit Committee invited several independent registered public accounting firms to participate in this process.
Following review of proposals from the independent registered public accounting firms that participated in the process, on January 7, 2020 (the “Engagement Date”), the Company engaged Deloitte & Touche LLP (“Deloitte”) as its independent registered public accounting firm for the Company’s fiscal year ending September 30, 2020, to be effective upon the BDO Dismissal Effective Date. The decision to engage Deloitte as the Company’s independent registered public accounting firm was approved by the Audit Committee.
During the years ended September 30, 2019 and 2018, and through the Engagement Date, neither the Company, nor anyone on its behalf, consulted Deloitte regarding (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered with respect to the audited consolidated financial statements of the Company, and no written report was provided to the Company nor oral advice was provided that Deloitte concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting issue; or (ii) any matter that was the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) or a “reportable event” (as described in Item 304(a)(1)(v) of Regulation S-K).
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits: