Business Context and Reporting Period
This Form 8-K Current Report is filed by Magyar Bancorp, Inc. for the reporting period ending October 6, 2014. The filing addresses a change in the Company's certifying accountant effective October 1, 2014.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance regarding the audit firm and does not contain financial performance data.
Material Changes
- Change in Auditor: ParenteBeard LLC resigned as the Company's independent registered public accounting firm on October 1, 2014.
- Reason for Change: ParenteBeard combined its audit practice with Baker Tilly Virchow Krause LLP ("Baker Tilly").
- New Auditor: Baker Tilly was engaged as the new independent registered public accounting firm with the approval of the Audit Committee.
- Historical Audit Quality: ParenteBeard's reports for fiscal years ended September 30, 2013, and 2012 contained no adverse opinions, disclaimers, or qualifications.
- Disagreements: There were no disagreements with ParenteBeard regarding accounting principles, practices, or audit scope during the relevant periods.
Guidance, Outlook, and Risks
The filing does not contain management guidance, future outlook, or specific risk factors beyond the standard disclosure of the auditor change. The Company confirmed that no consultations occurred with Baker Tilly regarding accounting principles or audit opinions prior to engagement.
Investor Verification Checklist
- Verify the transition timeline between ParenteBeard and Baker Tilly to ensure audit continuity.
- Review the letter from ParenteBeard (Exhibit 1) to confirm their agreement with the Company's statements regarding the resignation.
- Confirm that no undisclosed disagreements existed between the Company and the former auditor.