Business Context and Reporting Period
This Form 8-K Current Report was filed by Plumas Bancorp on November 17, 2023. The filing addresses a change in the company's certifying accountant rather than reporting on a specific financial quarter or fiscal year results.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report is strictly procedural regarding the company's audit firm.
Material Changes
- Accountant Departure: Eide Bailly LLP notified the Company on November 17, 2023, that it is exiting the financial institution portion of its SEC audit practice.
- Reappointment Declined: Eide Bailly will decline to stand for reappointment as the independent registered public accounting firm for the fiscal year ending December 31, 2024.
- Continued Engagement: Eide Bailly will continue to audit the financial statements for the year ending December 31, 2023.
- Future Audit Plan: The Company anticipates engaging a new accounting firm in time for the review of interim financial statements for the quarter ending March 31, 2024.
Guidance, Outlook, and Risks
Management Commentary: The Company confirmed there were no disagreements with Eide Bailly regarding accounting principles, financial statement disclosure, or auditing scope during the years ended December 31, 2022 and 2021, or subsequent interim periods. Additionally, there were no "reportable events" as defined in Regulation S-K during these periods.
Risks and Contingencies: The primary operational risk identified is the transition to a new auditor for the 2024 fiscal year, though the Company expects to secure a replacement in time for the Q1 2024 interim review.
Investor Verification Checklist
- Verify the identity of the new independent registered public accounting firm selected for the 2024 fiscal year.
- Confirm the timeline for the transition of audit responsibilities to ensure no gap in coverage for the March 31, 2024 interim review.
- Review the letter from Eide Bailly (Exhibit 16.1) to confirm their agreement with the Company's statements regarding the departure.