Kingstone Dismisses CBIZ CPAs, Hires Deloitte After Adverse ICFR Attestation
KINS sits 54% above its 52-week low of $13.08.
Summary
Kingstone replaced auditor CBIZ CPAs with Deloitte & Touche for fiscal 2026, following CBIZ's adverse attestation on internal controls due to a material weakness from missing SOC 1 Type 2 reports.
Key Events · Corporate Governance and Compliance · KINS
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Auditor Change
Kingstone dismissed CBIZ CPAs P.C. and engaged Deloitte & Touche LLP as its independent registered public accounting firm for the fiscal year ending December 31, 2026, effective August 18, 2026.
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Adverse ICFR Attestation
CBIZ CPAs issued an adverse attestation report on internal control over financial reporting for fiscal 2025, citing a material weakness from the lack of SOC 1 Type 2 reports for the insurance premium quoting platform and general ledger systems.
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No Disagreements Reported
From April 8, 2025 through August 18, 2026, there were no disagreements or reportable events between Kingstone and CBIZ CPAs, except for the adverse ICFR attestation.
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Deloitte Selection Rationale
The Audit Committee selected Deloitte based on its dedicated insurance practice and depth of resources, subject to execution of an engagement letter.
Analysis · KINS · Finance
Kingstone dismissed CBIZ CPAs and engaged Deloitte & Touche as its independent auditor for fiscal 2026. The change follows CBIZ's adverse attestation report on internal control over financial reporting for fiscal 2025, which identified a material weakness from missing SOC 1 Type 2 reports for the insurance premium quoting platform and general ledger systems. The company had already disclosed this material weakness in its 10-Q filed August 7, 2026, but the auditor change itself is new. Hiring a Big Four firm with a dedicated insurance practice may signal a push to remediate controls, but the dismissal of an auditor that issued an adverse ICFR opinion is a governance red flag that warrants close attention.
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At the time of this filing, KINS was trading at $20.09 on NASDAQ in the Finance sector, with a market capitalization of approximately $290.8M. The 52-week trading range was $13.08 to $20.90. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.