Business Context and Reporting Period
Company: Sierra Bancorp (BSRR)
Filing Type: Form 8-K (Current Report)
Date of Report: March 21, 2023
Reporting Period: The filing addresses events occurring on March 21, 2023, and covers the interim period from January 1, 2023, through March 21, 2023, as well as the fiscal years ended December 31, 2022, and 2021.
Key Financial Metrics
This filing is a current report regarding a change in the independent registered public accounting firm. It does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The filing text does not provide a clear value for any financial metrics.
Material Changes
The primary material change reported is the replacement of the Company's independent registered public accounting firm:
- Outgoing Auditor: Eide Bailly, LLP was dismissed by the Audit Committee on March 21, 2023.
- Incoming Auditor: RSM US LLP was selected as the new independent registered public accounting firm for the 2023 fiscal year.
- Audit History: Eide Bailly 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 Eide Bailly regarding accounting principles, practices, financial statement disclosure, or auditing scope/procedures during the fiscal years 2021-2022 or the interim period through March 21, 2023. No "reportable events" as defined in Regulation S-K occurred during these periods.
Consultation with New Auditor: The Company has not consulted with RSM US LLP 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.
Management Commentary: The filing confirms that Eide Bailly was given the opportunity to furnish a letter to the SEC regarding the change, which is filed as an exhibit. No forward-looking guidance or outlook is provided in this document.
Investor Verification Checklist
- Verify the content of the letter from Eide Bailly, LLP (Exhibit 16.1) to ensure there are no undisclosed disagreements or clarifications regarding the audit.
- Confirm the effective date of RSM US LLP's engagement and the scope of their initial review for the 2023 fiscal year.
- Review subsequent filings (e.g., 10-Q or 10-K) to assess the impact of the auditor change on the audit timeline and financial reporting process.
- Monitor for any future disclosures regarding "reportable events" or disagreements that may arise during the transition period.