SBS Switches Outside Accountancy Firm to EisnerAmper

RADIO ONLINE | Friday, February 9, 2024

Spanish Broadcasting System (SBS)

Spanish Broadcasting System (SBS) is making significant changes in its corporate and accounting leadership, marking a new chapter in its operational strategy. Following the departure of Albert Rodriguez as President and COO, as previously reported, the company's founder Raul Alarcon Jr. was unanimously reappointed by the board of directors to reassume the role of Presidente, effective January 24. This leadership transition coincides closely with SBS's decision to overhaul its financial auditing processes.

On January 24, two days after the company's audit committee approved the move, SBS made a shift in its financial oversight by dismissing Crowe, its former independent registered public accountant, and engaging EisnerAmper as its new auditor. This change, disclosed in a SEC filing on February 9, comes without a specified reason, adhering to the common practice during such transitions. The SEC mandates disclosure only if there were disagreements or adverse opinions between the company and its auditor regarding financial practices within the two preceding fiscal years, which SBS confirmed was not the case.

EisnerAmper is now tasked with auditing SBS's financial statements for the year ended December 31, 2023, a significant responsibility given the company's recent administrative and operational shifts. SBS clarified that prior to this auditor change, it had not consulted with EisnerAmper regarding accounting principles on specific transactions or the potential audit opinion on its financial statements for fiscal years 2021 or 2022.

The auditor switch aligns with SBS's broader strategic adjustments, following closely on the heels of leadership restructuring, signaling a refreshed approach to governance and financial transparency under the guidance of Alarcon Jr., who previously led the company as President from 1985 to 2021.