B. Riley Financial Appoints BDO USA as Audit Firm for 2025 Financial Year

B. Riley Financial Engages BDO USA for 2025 Audit

B. Riley Financial, Inc. (Nasdaq: RILY), a prominent player in the financial services sector, has made a significant move to enhance its financial reporting processes. The company has appointed BDO USA, P.C. (commonly referred to as BDO) as their independent registered public accounting firm for the upcoming 2025 audit. This decision was made by the audit committee of B. Riley's board of directors and signifies a strategic step toward improving their financial transparency and reporting accuracy.

The engagement with BDO comes at a critical time as the company is concurrently working with Marcum LLP to finalize the audit for the year 2024, which is expected to culminate with the soon-to-be-filed Form 10-K. B. Riley’s Chairman and Co-CEO, Bryant Riley, expressed optimism about this new partnership, indicating that aligning with BDO for the 2025 review while still engaging Marcum for the prior year’s audit sets the company on a secure path to enhance timely financial reporting. He noted, “It’s a critical corporate priority to regain timely financial reporting.”

The Importance of Timely Financial Reporting

Timely and accurate financial reporting is essential for B. Riley Financial to maintain investor trust and meet regulatory demands. As stated by Scott Yessner, the Chief Financial Officer of B. Riley Financial, the financial reporting team has made significant strides in preparing the initial quarterly filings for 2025 while simultaneously collaborating with Marcum for their 2024 audit. This dual focus underscores the company’s commitment to ensuring that their financial health is transparent and effectively communicated to stakeholders.

“BDO’s extensive experience in the financial services industry and their operational capacity are pivotal in steering our financial reporting goals,” Yessner remarked. Their approach combines a solid understanding of the financial landscape with the strategic execution necessary for successful audits, which is integral as the company continues to grow.

About BDO USA

BDO USA is regarded as one of the top five accounting firms globally and offers a comprehensive array of assurance, tax, and advisory services. With a robust workforce of over 12,000 professionals across 75 offices in the United States, BDO is well-positioned to provide the required resources and expertise to aid B. Riley Financial in achieving its financial objectives.

Future Outlook

Looking ahead, B. Riley Financial is optimistic about the upcoming year’s prospects and the impact of their audits. The organization's diversified model allows it to cater to a wide array of financial needs, and with the support of BDO, they anticipate improving their operational efficiencies further.

With the challenges of the past few years and the ongoing commitment to sustainability and growth, B. Riley’s strategic partnership with BDO signifies both companies’ commitment to excellence in financial management and reporting. Stakeholders can look forward to more transparent and timely financial disclosures as these initiatives unfold.

Conclusion

In a landscape where accurate financial reporting is more critical than ever, B. Riley Financial’s decision to engage BDO USA marks a purposeful step towards restoring confidence and ensuring clarity in their financial dealings. As they prepare for the 2025 audit, the collaboration is expected to herald a new chapter in B. Riley's financial journey, paving the way for robust financial health and stakeholder trust.