Investar Holding Corp. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Investar Holding Corporation on August 18, 2020. The report discloses a material change in the Company's independent registered public accounting firm.
Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance regarding the audit firm.
Material Changes
- Dismissal of Previous Auditor: On August 18, 2020, the Audit Committee dismissed Ernst & Young LLP (EY) as the independent registered public accounting firm.
- Audit History: EY's reports for fiscal years ended December 31, 2019, and 2018 contained no adverse opinions, disclaimers, or qualifications. There were no disagreements with EY regarding accounting principles, practices, or audit scope during these periods or the interim period through August 18, 2020.
- Appointment of New Auditor: On August 18, 2020, the Audit Committee engaged Horne LLP to serve as the independent registered public accounting firm for the year ending December 31, 2020.
- Consultation with New Auditor: The Company confirmed no consultations with Horne LLP regarding accounting principles, audit opinions, or reportable events prior to their appointment.
Guidance, Outlook, and Risks
The filing does not contain financial guidance, management outlook, or specific risk factors beyond the standard disclosure of the auditor change. The Company provided EY with a copy of this report prior to filing, and EY's response letter (Exhibit 16.1) is included in the filing.
Key Facts for Investor Verification
- Verify the content of Exhibit 16.1 (Letter from Ernst & Young LLP) to confirm their agreement with the Company's statements regarding the dismissal.
- Monitor future filings for the first audit report issued by Horne LLP for the fiscal year ending December 31, 2020.
- Review subsequent 10-Q or 10-K filings to assess if the change in auditor correlates with any changes in financial reporting or restatements.