Integrated Rail and Resources Acquisition (NYSE:IRRX) Dismisses Marcum, Engages HL&B as Independent Registered Public Accounting Firm

Integrated Rail and Resources Acquisition Corp. (NYSE:IRRX) recently made significant changes to its accounting practices. On November 1, 2024, the company, with the approval of the audit committee, dismissed Marcum LLP (“Marcum”) as its independent registered public accounting firm. This decision was effective immediately due to Marcum’s merger with CBIZ, Inc. on the same day, potentially raising independence concerns between Marcum and the company.

Marcum had provided audit services to Integrated Rail and Resources Acquisition Corp., with their audit reports for the fiscal years ending December 31, 2023, and 2022, showing no adverse opinion or disclaimer of opinion. There were no disagreements on accounting principles or practices during these periods. However, a material weakness was identified in the company’s internal control over financial reporting relating to the calculation of amounts due and payment of funds to redeeming stockholders.

Despite the material weakness, there were no material misstatements in the company’s consolidated financial statements for the periods ended March 31, 2024, and June 30, 2024. The company has requested Marcum to confirm its agreement with the statements made.

Following the dismissal of Marcum, Integrated Rail and Resources Acquisition Corp. engaged Ham, Langston & Brezina, LLP (“HL&B”) as its new independent registered public accounting firm, effective from November 1, 2024. HL&B will oversee the review of the company’s financial statements for the quarter ending September 30, 2024.

During the fiscal years ended December 31, 2023, and 2022, and the subsequent interim period leading up to the current report, the company did not consult with HL&B on specific transactions or receive advice that influenced accounting decisions.

In light of these changes, Integrated Rail and Resources Acquisition Corp. continues to prioritize sound financial reporting practices. The company filed a letter from Marcum with the Securities and Exchange Commission addressing these transitions alongside the necessary documentation.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Integrated Rail and Resources Acquisition’s 8K filing here.

Integrated Rail and Resources Acquisition Company Profile

Integrated Rail and Resources Acquisition Corp. does not have significant operations. The company focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. It intends to acquire railroad companies that transport bulk commodities; terminal companies that transload bulk commodities to and from railroads and pipelines, trucks, and ports; and companies that produce bulk commodities moved by railroads in large volumes, as well as the rail cars that are used to transport bulk commodities.