Business Context and Reporting Period
This Form 8-K Current Report was filed by Northrim BanCorp, Inc. on February 2, 2010. The filing discloses a change in the company's certifying accountant, effective upon the completion of the audit for the fiscal year ended December 31, 2009.
Key Financial Metrics
The filing text does not provide specific financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance regarding the external audit firm.
Material Changes
- Dismissal of KPMG LLP: On January 27, 2010, the company informed KPMG LLP of its dismissal. The dismissal was approved by the Audit Committee and became effective upon the completion of the audit for the year ended December 31, 2009.
- Engagement of Moss Adams LLP: On February 2, 2010, the company engaged Moss Adams LLP as its new independent registered public accounting firm for the year ending December 31, 2010.
- Audit History: KPMG's audit reports for 2007 and 2008 contained no adverse opinions, disclaimers, or qualifications regarding financial statements or internal controls.
Management Commentary and Risks
- No Disagreements: The company stated there were no disagreements with KPMG LLP during the fiscal years 2007 and 2008, or the interim period through February 2, 2010, regarding accounting principles, financial statement disclosures, or auditing scope.
- No Reportable Events: There were no reportable events as defined under Regulation S-K Item 304(a)(1)(v) during the relevant periods.
- New Firm Consultation: The company confirmed no consultations with Moss Adams LLP regarding accounting principles or potential audit opinions prior to their engagement.
Investor Verification Checklist
- Verify the reasons for the change in auditors by reviewing the attached letter from KPMG LLP (Exhibit 16.1).
- Confirm the status of the 2009 consolidated financial statements and internal control reports once issued by the new firm.
- Review the upcoming 10-K filing to ensure the transition to Moss Adams LLP does not impact the audit opinion for the 2009 fiscal year.