American Strategic Investment Co. Replaces Independent Auditor
The shift reflects a cost-reduction strategy following a competitive bidding process and liquidity concerns.
October 22, 2025
Leadership shifts audit oversight as part of broader cost strategy
American Strategic Investment Co. (ASIC) has made a key change in its financial oversight. On October 16, the company’s Audit Committee dismissed PricewaterhouseCoopers LLP (PwC) as its independent auditor, effective immediately. The decision follows a competitive bid process and comes as the company works to simplify its cost structure and lower general and administrative expenses.
PwC had been responsible for auditing ASIC’s consolidated financials for 2023 and 2024. Both reports were issued without adverse or qualified opinions, though the 2024 audit did highlight liquidity pressures. Despite that disclosure, ASIC reported no disagreements or reportable events during PwC’s tenure—important context that signals a routine transition rather than a reactive one.
CBIZ CPAs steps in for 2025 financial reporting
In PwC’s place, ASIC selected CBIZ CPAs P.C. to take over audit responsibilities for 2025. That includes reviewing unaudited financial statements and related notes for the quarter ending September 30, which will appear in the company’s next 10-Q filing. CBIZ’s engagement is subject to its standard client onboarding process and a formal engagement letter.
The company also confirmed that it had no prior consultations with CBIZ CPAs about accounting practices or audit opinions in the last two years. That means the appointment comes without legacy considerations, keeping the focus squarely on the upcoming financial cycle.
ASIC shared the full disclosure with PwC ahead of the filing and received confirmation that the outgoing firm agreed with how events were represented. That response has been submitted as an exhibit in the SEC report.
With this transition, ASIC is taking deliberate steps to manage costs and reinforce its audit function, even as it navigates broader financial headwinds. The selection of CBIZ marks a fresh chapter in how the company plans to handle financial reporting and oversight in the year ahead.
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