Item 4.02 Non-Reliance on Previously Issued Financial Statements or Related
Audit Report or Completed Interim Report.
The Board of Directors of BorrowMoney.com, Inc. ("BorrowMoney.com" or
"Company"), (OTC: BWMY), in consultation with its counsel, its former
independent auditor L&L CPAS, P.A., and its new auditor Richard Moran CPA, P.A.,
conducted a routine periodic review of the Company's Form 10-K for the year
ending August 31, 2020. In response to comments raised in connection with such a
review, on January 21, 2021, management of the Company with the subsequence
concurrence of its Audit Committee has determined that an incomplete version of
the audited financials was filed in the most recent 10-K for the year ending in
August 31, 2020 and that the audited financials in the 10K for the year ending
August 31, 2020 may no longer be relied upon. Furthermore, it was determined
that Richard Moran CPA, P.A. was not PCAOB compliant and even if the audited
financials had been complete, they still would not be able to be relied upon.
Management reached such conclusions following consultation with its former
auditor, L&L CPAS, P.A. and current auditor, Richard Moran CPA, P.A., for the
following reasons. On November 30, 2020 an NT-10K was filed advising the SEC of
the Company's inability to timely file its 10-K for year ending August 31, 2020
because due to a change in auditors, the audited financials would take
additional time to generate. However, subsequently, the Company accidentally
filed a draft of its 10-K with an incomplete version of its audited financials
completed by Richard Moran CPA, P.A. for the year ending August 31, 2020.
The Company expects to file the applicable restated financial statements as soon
as practicable. The Company's Audit Committee is currently attempting to engage
a new auditor who is PCAOB compliant. Management and the Audit Committee are
evaluating the impact of the restatements of the previously filed financial
statements on its assessments of the effectiveness of its internal controls over
financial reporting as of the applicable periods and such assessment will be
included in the amendments to the foregoing filings.
A copy of this Form 8-K was provided to the Company's former auditor, L&L CPAS,
P.A., and the Company's current auditor, Richard Moran CPA, P.A., prior to its
filing with the SEC.
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