Business Context and Reporting Period
Company: First Community Corporation
Filing Type: Form 8-K (Current Report)
Date of Report: May 16, 2006
Reporting Period: The filing addresses events occurring on May 16, 2006, regarding the change of independent registered public accounting firms.
Key Financial Metrics
This filing does not contain financial performance data. There are no reported figures for revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
Change in Certifying Accountant (Item 4.01):
- Dismissed Firm: Clifton D. Bodiford, CPA was dismissed on May 16, 2006.
- Engaged Firm: Elliott Davis, LLC was engaged as the new independent registered public accounting firm on May 16, 2006.
- Audit History: Reports for fiscal years ended December 31, 2005 and 2004 did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- Disagreements: No disagreements existed with the former accountant regarding accounting principles, financial statement disclosure, or auditing scope/procedures.
- Consultations: The company did not consult with the new firm (Elliott Davis, LLC) regarding accounting principles, specific transactions, or potential audit opinions prior to engagement.
Guidance, Outlook, and Risks
Management Commentary: The audit committee participated in and approved the decision to change independent auditors.
Risks and Contingencies: The filing explicitly states there were no reportable events or disagreements requiring disclosure under Regulation S-K Item 304(a)(1)(v). No forward-looking guidance or financial outlook is provided in this report.
Investor Verification Checklist
- Verify the reasons for the auditor change by reviewing the letter from Clifton D. Bodiford, CPA filed as Exhibit 16 (dated May 18, 2006).
- Confirm the effective date of the new engagement with Elliott Davis, LLC.
- Review the most recent 10-K or 10-Q filings to assess the financial health of the company, as this 8-K contains no financial metrics.
- Monitor future filings for any restatements or qualifications in the new auditor's reports.