INTERLINK ELECTRONICS INC
For the period ended Dec 31, 2023. Filed Mar 25, 2024.
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FY2023 · Filed Mar 25, 2024
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Item 14. Principal Accountant Fees and Services
Audit Committee Policy on Pre-Approval of Audit and Permissible Non-Audit Services
Consistent with requirements of the SEC and the Public Company Accounting Oversight Board, or PCAOB, regarding auditor independence, our audit committee is responsible for the appointment, compensation and oversight of the work of our independent registered public accounting firm. In recognition of this responsibility, our audit committee has a policy for the pre-approval of all audit and permissible non-audit services provided by the independent registered public accounting firm. These services may include audit services, audit-related services, tax services and other services.
Before engagement of the independent registered public accounting firm for the next fiscal year’s audit, the independent registered public accounting firm submits a detailed description of services expected to be rendered during that year for each of the following categories of services to the audit committee for approval:
| ● | Audit services. Audit services include the annual financial statement audit (including required quarterly reviews) and other procedures required to be performed by the independent auditor to form an opinion on our consolidated financial statements. Audit services also include, as necessary, the attestation engagement for the independent auditor’s report on management’s report on internal controls for financial reporting. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC. |
| ● | Audit-related services. Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of our financial statements or that are traditionally performed by the independent auditor. |
| ● | Tax Services. Tax services include services related to tax compliance, tax planning and tax advice. |
| ● | All Other Services. All other services are those services not described in the other categories that are not prohibited by SEC rules. |
The audit committee pre-approves particular services or categories of services on a case-by-case basis. During the year, circumstances may arise when it may become necessary to engage the independent registered public accounting firm for additional services not contemplated in the original pre-approval. In those instances, the services must be pre-approved by the audit committee, or as permitted, the audit committee chair, before the independent registered public accounting firm is engaged. Pre-approval fee levels or budgeted amounts for all services to be provided by the independent registered public accounting firm are established annually by the audit committee. Any proposed services exceeding these levels or amounts require specific pre-approval by the audit committee, or the audit committee chair. All fees paid to LMHS, P.C. for the fiscal years ended December 31, 2023 and 2022 were pre-approved by the audit committee.
Fees Paid to Independent Registered Public Accounting Firm
On January 10, 2023, we engaged LMHS, P.C. as our independent registered public accounting firm, and we dismissed Macias Gini & O’Connell LLP as our independent registered public accounting firm. LMHS, P.C. conducted the audits of our financial statements for the fiscal years ended December 31, 2023 and 2022 and conducted the reviews of our financial statements included in our Quarterly Reports on Form 10-Q filed during 2023. Macias Gini & O’Connell LLP conducted the reviews of our financial statements included in our Quarterly Reports on Form 10-Q filed during 2022.
The following table presents fees billed to us by LMHS, P.C. for professional services for the fiscal years ended December 31, 2023 and 2022.
| · · · · · · | ||||
|---|---|---|---|---|
| · 2023 · 2022 | ||||
| Audit Fees(1) | | $175,000 | | $140,000 |
| Audit-Related Fees(2) | | — | | — |
| Tax Fees(3) | | — | | — |
| All Other Fees(4) | | 50,000 | | — |
| Total Fees | | $225,000 | | $140,000 |
The following table presents fees billed to us by Macias Gini & O’Connell LLP for professional services for the fiscal year ended December 31, 2022. Macias Gini & O’Connell LLP did not provide professional services to us during 2023.
| | | | |
|---|---|---|---|
| | 2022 | ||
| Audit Fees(1) | | $111,000 | |
| Audit-Related Fees(2) | | | — |
| Tax Fees(3) | | | — |
| All Other Fees(4) | | | — |
| Total Fees | | $111,000 | |
| (1) | “Audit Fees” consist of fees for professional services rendered in connection with the audit of our annual consolidated financial statements, review of our quarterly financial statements presented in our quarterly reports on Form 10-Q, and services that are normally provided by our independent registered public accounting firm in connection with statutory and regulatory filings or engagements for the fiscal year. |
| (2) | “Audit-Related Fees” consist of fees incurred for professional services that are reasonably related to the performance of the audit or review of the company’s financial statements. |
| (3) | “Tax Fees” consist of fees incurred for professional services rendered in connection with tax audits, tax compliance, and tax consulting and planning. |
| (4) | “All Other Fees” relate to professional services not included in the categories above, including services related to other regulatory reporting requirements. |
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