Summit Networks Inc 8-K/A, filed Sep 2, 2021
Summit Networks Inc. (SNTW)
About this 8-K/A
Summit Networks Inc filed this 8-K/A on September 2, 2021, reporting on events of July 8, 2021.
Items reported
- Item 4.01: Change of auditor
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Explanatory Note
Item 4.01 Changes In Registrant’s Certifying Accountant
The Board of Directors of Summit Networks, Inc. (the “Company”), acting as the Company’s Audit Committee, announces that it has appointed Assenture as the Company’s independent auditor for the 2021 fiscal year ending July 31, 2021, replacing Prager Metis CPA’s, LLC (“PMC”). Assenture’s address is 20 Maxwell Road, #11-07/08 Maxwell House, Singapore 069113.
This action effectively terminates the Company’s engagement of PMC for the fiscal year ending July 31, 2021. Through the date of this Form 8-K, there have been no disagreements with PMC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements if not resolved to PMC’s satisfaction would have caused them to make reference to the subject matter of the disagreement in connection with their reports
The Company has provided PMC with a copy of this form 8-K and the Company has requested that PMC furnish a letter addressed to the Commission stating whether they agree with the statements above.
For the years ended July 31, 2019 and 2020 and through the date of this form 8-K, neither the Company nor anyone acting on the Company’s behalf consulted Assenture with respect to 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, or any other matters or reportable events as defined in Item 304(a)(2)(i) and (ii) of Regulation S-K. Assenture has been asked to review this disclosure and Assenture has been provided an opportunity to furnish a letter to the SEC containing any new information, clarification, or disagreement with the statements made herein.
Item 9.01 Financial Statements and Exhibits
| Exhibit | Description | |
| 99.1 | Accountants Letter | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Summit Networks Inc. | ||
| Date: August 31, 2021 | By: | /s/ Shuhua Liu |
| Shuhua Liu | ||
| Chief Executive Officer | ||
| (Principal Executive Officer) | ||
2
Exhibit 99.1
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Prager Metis CPAs, LLC ________
401 HACKENSACK AVENUE 4TH FLOOR HACKENSACK, NJ 07601
T 201.342.7753 F 201.820.2691
www.pragermetis.com
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August 26, 2021
Securities and Exchange Commission 100 F Street, N.E. Washington, D.C. 20549-7561
Dear Sirs/Madams:
We have reviewed Item 4.01 of Form 8-K and disagree with the contents.
The 8-K Report filed today by Summit Networks, Inc. (“the Company”) fails to disclose that Prager Metis CPAs LLC (“Prager Metis”) did not review the 10-Q for the period ending June 30, 2021 which was filed on August 11, 2021. As of the date of the filing of such 10-Q Report, the Company had not reported publicly any change in auditor. Accordingly, the SEC and the public market would have concluded that Prager Metis had reviewed the financial statements included in the 10-Q report. We did not review the financial statements contained therein as required by the SEC’s rules and regulations. Accordingly, the 10-Q Report is misleading, and the 8-K Report should also include disclosure under Item 4.02 that such financial statements should therefore not be relied upon as having not been reviewed by this firm.
We understand that under applicable SEC regulations, the Company is required to file this letter as an exhibit to the Form 8-K. In addition, the Form 8-K incorrectly states the Company’s yearend as July 31, when in fact, its yearend is September 30.
We request that the Company amend the June 30, 2021 Form 10-Q to disclose that the financial statements have not been reviewed by Prager Metis.
Very truly yours,
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An affiliate of Prager Metis International | NORTH AMERICA | EUROPE | ASIA |