Capital Financial Holdings Inc. has named Dave Banerjee CPA as independent auditor for the fiscal year beginning Jan. 1.

The action effectively accepts the resignation of Hein & Associates LLP as the company's independent auditor for the year. Capital Financial delayed the filing of its Form 10-Q for the period ended June 30, 2016, due to a delay in obtaining and compiling information required to be included in the filing.

The reports prepared on Capital Financial's consolidated financial statements for the years ended Dec. 31, 2016, and Dec. 31, 2015, did not contain an adverse opinion and were not modified due to any uncertainties regarding the scope of the audit or accounting principles, the company said in a regulatory filing. Capital Financial does not expect the transition to affect the company's financial statements for full year 2017.