Filing Summary
Business Context and Reporting Period
Northeast Community Bancorp, Inc. filed a Form 8-K dated September 10, 2021 under Item 4.01 to report a change in its independent registered public accounting firm. The company’s common stock trades on Nasdaq under the symbol NECB.
Change in Certifying Accountant
- Effective September 10, 2021, the company dismissed BDO USA, LLP as its independent auditors.
- The dismissal was recommended by the Audit Committee and approved by the Board of Directors.
- BDO’s audit reports on the company’s consolidated financial statements for the fiscal years ended December 31, 2020 and 2019 contained no adverse opinion, disclaimer, or qualification relating to uncertainty, audit scope, or accounting principles.
- The company reported no disagreements with BDO regarding accounting principles, financial statement disclosures, or audit scope and procedures during those fiscal years or the period from January 1, 2021 through September 10, 2021.
- The company reported no reportable events under Item 304(a)(1)(v) of Regulation S-K.
- Effective September 10, 2021, the company engaged S.R. Snodgrass, P.C. as its independent auditors. The engagement was recommended by the Audit Committee and approved by the Board.
- The company stated that it had not consulted S.R. Snodgrass during the prior fiscal years or the intervening period regarding specified accounting transactions, potential audit opinions, or matters involving disagreements or reportable events.
Financial Metrics and Material Period-over-Period Changes
The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, guidance, or other operating and financial metrics. It does not report a material period-over-period financial change.
Outlook, Risks, and Unusual Items
The filing contains no management guidance, business outlook, risk discussion, contingencies, or unusual financial items. BDO provided a concurrence letter agreeing with the company’s disclosures regarding the change in auditors; the letter was filed as Exhibit 16.0.
Key Facts for Investors to Verify
- Confirm the effective dates and respective roles of BDO USA, LLP and S.R. Snodgrass, P.C.
- Review Exhibit 16.0, BDO’s letter of concurrence regarding the auditor change.
- Verify that the company’s prior audit reports were unqualified and that no disagreements or reportable events were disclosed.
- Review subsequent filings for any additional explanation of the auditor transition or changes in financial reporting.