Business Context and Reporting Period
This Form 8-K Current Report was filed by Magyar Bancorp, Inc. (MGYR) on February 23, 2023, covering events occurring on February 27, 2023. The filing addresses a change in the Company's independent registered public accounting firm.
Key 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 external auditor.
Material Changes
- Dismissal of Auditor: The Audit Committee dismissed RSM US LLP as the independent registered public accounting firm effective February 27, 2023.
- Appointment of New Auditor: S.R. Snodgrass, P.C. was appointed as the new independent registered public accounting firm, effective February 28, 2023, contingent upon client acceptance procedures.
- Audit History: RSM's audit reports for the fiscal years ended September 30, 2022, and 2021, were unqualified and contained no adverse opinions, disclaimers, or modifications regarding uncertainty, scope, or accounting principles.
- Disagreements: There were no disagreements with RSM on accounting principles, practices, disclosures, or auditing scope/procedures during the relevant periods.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future performance. The primary contingency noted is that the appointment of S.R. Snodgrass, P.C. is subject to the completion of their client acceptance procedures; if they do not accept retention, the Company will amend the report. No reportable events or disagreements were identified with the outgoing or incoming auditors.
Investor Verification Checklist
- Verify the receipt of the letter from RSM US LLP to the SEC (Exhibit 16) confirming their agreement with the Company's statements regarding the dismissal.
- Confirm the final appointment of S.R. Snodgrass, P.C. once client acceptance procedures are complete.
- Review the upcoming 10-K filing to ensure the transition of auditors does not impact the audit opinion for the fiscal year ending September 30, 2023.