Trump Media Auditor’s End Puts Corporate Clients in Market Void

The forced shutdown of BF Borgers CPA PC—the second-biggest auditor of companies traded over-the-counter—has left hundreds of small companies scrambling to find new firms to vet their books.

The firm’s biggest client, Trump Media & Technology Group Corp., quickly rebounded with a new auditor. But for many of the rest, the search will be daunting for one big reason: their financial statements are tainted by association with what regulators labeled a “sham audit mill.”

“At the end of the day, those audit opinions cannot be relied on, period,” said Kecia Williams Smith, associate accounting professor at North Carolina ...