Hexindai Announces Changes in its Independent Registered Public Accounting Firm
I. Previous Independent Registered Public Accounting Firm
November 15, 2018, the Company dismissed its independent registered public accounting firm, Marcum Bernstein & Pinchuk LLP("MarcumBP"). MarcumBP served as the Company's independent registered public accounting firm for the two most recent fiscal years ended March 31, 2017and 2018.
- The audit report of MarcumBP on the consolidated financial statements of the Company as of
March 31, 2017and 2018 and for the fiscal years ended March 31, 2017and 2018 did not contain an adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles.
- The decision to change the independent registered public accounting firm was recommended and approved by the Audit Committee and the Board of Directors of the Company.
- During the Company's two most recent fiscal years ended
March 31, 2017and 2018 and through November 15, 2018, the date of dismissal, (a) there were no disagreements with MarcumBP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of MarcumBP, would have caused it to make reference thereto in its reports on the financial statements for such years and (b) there were no "reportable events" (as that term is described in Item 304(a)(1)(v) of Regulation S-K), and except for the material weaknesses in the Company's internal control over financial reporting (the "Material Weaknesses") as disclosed in the Company's Annual Report on Form 20-F for the fiscal year ended March 31, 2018filed with the U.S. Securities and Exchange Commission(the " SEC") on July 27, 2018. The Audit Committee and Board of Directors of the Company discussed the Material Weaknesses with MarcumBP. The Company has authorized MarcumBP to respond fully to the inquiries of the successor accountant of the Company concerning the Material Weaknesses. There is no disagreement with MarcumBP on the above matters.
November 16, 2018, the Company provided MarcumBP with a copy of the above statements contained in this press release and has requested that MarcumBP furnish the Company with a letter addressed to the SECstating whether it agrees with the above statements, and if not, stating the respects in which it does not agree. A copy of such letter is attached as Exhibit 16.1 to the Company's current report on Form 6-K dated November 16, 2018.
II. New Independent Registered Public Accounting Firm
With the dismissal of MarcumBP, the Company engaged Deloitte Touch Tohmatsu ("
- the application of accounting principles to a specified transaction, either completed or proposed; or the type of audit opinion that might be rendered on the Company's consolidated financial statements, and neither a written report was provided to the Company or oral advice was provided that
Deloitteconcluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting issue; or
- any matter that was the subject of a disagreement as defined in Item 16F(a)(1)(iv) of Form 20-F and related instructions to Item 16F of Form 20-F, or any reportable events as described in Item 16F(a)(1)(v) of Form 20-F.
About Hexindai Inc.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the
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Ms. Daisy Wang
Mr. Christian Arnell
Mr. Tip Fleming