Business Context and Reporting Period
Company: Bank of the James Financial Group, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: March 12, 2024
Reporting Period: The filing addresses events occurring on March 12, 2024, regarding the Audit Committee meeting and the transition of the independent registered public accounting firm.
Key Financial Metrics
This filing is a current report regarding a change in certifying accountant and does not contain financial performance data. The text does not provide values for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes
- Dismissal of Prior Accountant: The Audit Committee dismissed Yount, Hyde & Barbour, P.C. ("YHB") as the independent registered public accounting firm upon completion of the 2023 audit and the filing of the fiscal year 2023 Form 10-K.
- Appointment of New Accountant: The Audit Committee selected Elliott Davis, PLLC ("Elliott Davis") as the new independent registered public accounting firm for the 2024 fiscal year.
- Audit History: YHB audited the consolidated financial statements for the years ended December 31, 2022, and 2021. Their reports did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
Guidance, Outlook, and Risks
Disagreements and Reportable Events: The Company reported no disagreements with YHB regarding accounting principles, practices, financial statement disclosure, or auditing scope/procedures during the fiscal years ended December 31, 2022 and 2021, or the interim period from January 1, 2023, through March 12, 2024. No "reportable events" occurred during these periods.
Consultation with New Accountant: The Company has not consulted with Elliott Davis on any matters involving the application of accounting principles to specified transactions or the type of audit opinion that might be rendered during the interim period or prior fiscal years.
Exhibits: A letter from YHB addressed to the SEC regarding the change in accountant is filed as Exhibit 16.1.
Investor Verification Checklist
- Verify the content of the letter from Yount, Hyde & Barbour, P.C. filed as Exhibit 16.1 to ensure no undisclosed disagreements exist.
- Review the recently filed fiscal year 2023 Form 10-K to assess the financial condition of the company following the audit completed by the former accountant.
- Monitor future filings to confirm the engagement of Elliott Davis, PLLC for the 2024 fiscal year audit.