Business Context and Reporting Period
Company: PARKE BANCORP, INC.
Filing Type: Form 8-K (Current Report)
Date of Report: May 24, 2022
Reporting Period: Immediate event reporting regarding the change of independent registered public accounting firm for the fiscal year ending December 31, 2022.
Key Financial Metrics
This filing does not contain financial performance data. The document reports a corporate governance event rather than financial results. Consequently, no values are provided for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes
- Dismissal of Auditor: On May 24, 2022, the Audit Committee dismissed RSM US LLP as the independent registered public accounting firm, effective immediately.
- Appointment of New Auditor: On May 24, 2022, the Audit Committee engaged S.R. Snodgrass, P.C. as the new independent registered public accounting firm, effective immediately.
- Audit History: RSM's audit reports for the years ended December 31, 2021, and 2020 contained no adverse opinions, disclaimers, or qualifications.
- Disagreements: There were no disagreements between the Registrant and RSM regarding accounting principles, practices, financial statement disclosures, or auditing scope/procedures during the 2020-2021 fiscal years or the interim period through May 24, 2022.
- Reportable Events: No "reportable events" as defined in Item 304(a)(1)(v) of Regulation S-K occurred during the relevant periods.
Guidance, Outlook, and Risks
Management Commentary: The change in auditors resulted from a competitive selection process conducted by the Audit Committee. The company confirmed that the new auditor, S.R. Snodgrass, P.C., was not consulted regarding accounting principles or audit opinions prior to engagement.
Risks and Contingencies: The filing does not disclose new material risks or contingencies. The transition of auditors was executed without noted disputes or reportable events.
Investor Verification Checklist
- Verify the letter from RSM US LLP (Exhibit 16.1) to confirm their agreement with the company's statements regarding the dismissal.
- Confirm the effective date of the engagement with S.R. Snodgrass, P.C. for the 2022 fiscal year.
- Review future filings to ensure the new auditor issues an unqualified opinion on the 2022 financial statements.
- Monitor for any subsequent disclosures regarding the reasons for the competitive selection process if not fully detailed in this filing.