Citizens Community Bancorp Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Citizens Community Bancorp Inc. (CZWI) on November 17, 2023. The filing addresses a change in the Company's independent registered public accounting firm.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. It is a disclosure regarding corporate governance and audit services.
Material Changes
The primary material change reported is the decision by Eide Bailly LLP to exit the financial institution portion of its SEC audit practice. Consequently, Eide Bailly will decline reappointment as the Company's independent auditor for the fiscal year ending December 31, 2024.
- Eide Bailly will continue to audit the financial statements for the year ending December 31, 2023.
- Eide Bailly will review interim financial statements for the quarter ending March 31, 2024.
- The Company anticipates engaging a new accounting firm in time for the review of interim statements for the quarter ending June 30, 2024.
Management Commentary and Risks
Management confirmed that there were no disagreements with Eide Bailly regarding accounting principles, financial statement disclosures, or auditing scope during the years ended December 31, 2022 and 2021, or subsequent interim periods. Additionally, no "reportable events" as defined in Regulation S-K occurred during these periods. The audit reports for 2021 and 2022 were unqualified and did not contain adverse opinions or disclaimers.
Investor Verification Checklist
- Verify the identity of the new independent registered public accounting firm once appointed.
- Confirm the timeline for the transition of audit responsibilities for the June 30, 2024 interim review.
- Review the letter from Eide Bailly LLP (Exhibit 16.1) to ensure no undisclosed disagreements exist.
- Monitor future filings for the appointment of the new auditor and any potential impact on the 2024 audit timeline.