Item 4.01 Changes in Registrant’s Certifying Accountant.
On March 5, 2018, BioVie Inc. ("
BioVie
"
or “
Company
”) received notice from the U.S. Securities and Exchange Commission (“SEC”) that the
accounting firm of Weinberg & Baer LLC and its principal accountant, Alan Weinberg (collectively, “
Weinberg
”),
have been suspended from appearing or practicing before the SEC as accountants. BioVie had previously engaged Weinberg as its independent
auditor. The SEC’s suspension of Weinberg was for reasons unrelated to the performance of its audit services for BioVie.
On December 20, 2017, Weinberg had informed
BioVie that it would no longer be able to serve as BioVie’s auditor, due to a change in the firm’s services. Following
that notification from Weinberg, BioVie promptly secured the future audit services of the accounting firm of D. Brooks and Associates
CPAs, P.A. on January 8, 2018.
To the best of BioVie management's knowledge,
Weinberg conducted accurate audits of the Company's financials while engaged by the Company. The Company thanks them for their
service.
In connection with the information required
under Item 304 of Regulation S-K, BioVie provides the following information:
During the Company’s two most recent
fiscal years and subsequent interim period before Weinberg’s resignation, Weinberg’s report on the Company’s
financial statements did not contain an adverse opinion or a disclaimer of opinion, nor was it qualified or modified as to uncertainty,
audit scope, or accounting principles.
The Company’s decision to change
accountants was a product of the resignation of Weinberg (as described above) and the engagement of a new audit firm, with consultation
with some board members, but not formal board approval.
During the two most recent fiscal years
and the subsequent interim period before Weinberg’s resignation, there were no disagreements with Weinberg on any matter
of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which if not resolved, would
have caused Weinberg to make reference to it in the audit report.
During the two most recent fiscal years
and the subsequent interim period before Weinberg’s resignation: (1) Weinberg did not advise BioVie that the internal controls
necessary for BioVie to develop reliable financial statements did not exist; (2) Weinberg did not advise that it was no longer
able to rely on the Company’s management’s representations, or that it was unwilling to be associated with the financial
statements prepared by the Company’s management; (3) Weinberg did not advise BioVie of the need to significantly expand the
scope of its audit, or of information that, if further investigated, might materially impact the fairness or reliability of either
previously issued audit reports or financial statements issued or to be issued for the those periods, or cause Weinberg to be unwilling
to rely on the Company’s management’s representations or to be associated with the Company’s financial statements,
such that, due to Weinberg’s resignation, Weinberg did not so expand the scope of its audit or conduct further investigation;
(4) Weinberg did not advise BioVie that information had come to its attention that it had concluded materially impacted the fairness
or reliability of either (i) previously issued audit report or financial statements, or (ii) the financial statements issued or
to be issued during that period that, unless resolved to Weinberg’s satisfaction, would prevent it from rendering an unqualified
audit report on those financial statements, such that, due to Weinberg’s resignation, Weinberg did not so expand the scope
of its audit or conduct further investigation. In sum, there were no such issues.
During the two most
recent fiscal years and the subsequent interim period before Weinberg’s resignation, BioVie did not consult with D. Brooks
and Associates regarding any of the following: (1) the application of accounting principles to a specified transaction, either
completed or proposed, or the type of audit opinion that might be rendered on BioVie’s financial statements, with either
a written report provided or oral advice given that the new auditor concluded was an important factor considered by BioVie in
either of those; or (2) any matter that was the subject of a disagreement or reportable event. In sum, there was no such consultation
with D. Brooks and Associates.