Business Context and Reporting Period
Company: Farmers & Merchants Bancorp, Inc. (FMAO)
Filing Type: Form 8-K (Current Report)
Date of Report: July 29, 2024
Principal Executive Offices: Archbold, Ohio
Reporting Period: The filing reports on events occurring on July 29, 2024, regarding a change in the Company's independent registered public accounting firm.
Key Financial Metrics
This filing is a current report regarding a corporate governance event (change of auditor) and does not contain financial performance data. The filing text does not provide values for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes
- Change in Certifying Accountant: The Audit Committee selected Plante & Moran, PLLC ("PM") as the new independent registered public accounting firm for the fiscal year ending December 31, 2025.
- Dismissal of Prior Auditor: Forvis Mazars, LLP was dismissed as the independent registered public accounting firm, effective upon the completion of the fiscal year 2024 audit.
- Board Ratification: Both the appointment of PM and the dismissal of Forvis Mazars, LLP were ratified by the full Board of Directors on July 30, 2024.
Outlook, Risks, and Management Commentary
Reason for Change: The decision resulted from a request for proposal process where the Company evaluated the credentials of several firms.
Audit History and Disagreements:
- During the two most recent fiscal years (2022 and 2023) and through July 29, 2024, there were no disagreements with Forvis Mazars, LLP regarding accounting principles, financial statement disclosure, or audit scope.
- Audit reports for 2022 and 2023 did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- No consultations were held with Plante & Moran, PLLC regarding accounting principles or audit opinions during the relevant periods prior to their selection.
Contingencies: The appointment of Plante & Moran, PLLC is subject to standard client acceptance procedures and the execution of an engagement letter.
Investor Verification Checklist
- Verify the engagement letter execution status with Plante & Moran, PLLC to confirm the appointment is finalized.
- Review the attached letter from Forvis Mazars, LLP (Exhibit 16.1) to confirm their agreement with the Company's disclosures regarding the dismissal.
- Monitor future filings (10-K/10-Q) for the first audited financial statements prepared under the new auditor for the fiscal year ending December 31, 2025.
- Confirm that the transition of audit responsibilities does not impact the timing of the fiscal year 2024 audit completion.