SEC Filing Summary: BofI Holding, Inc. (Form 8-K)
Business Context and Reporting Period
This Current Report (Form 8-K) was filed by BofI Holding, Inc. on April 4, 2013, reporting events that occurred on March 29, 2013. The registrant is the parent company of BofI Federal Bank. The filing addresses a change in the company's independent registered public accounting firm.
Financial Metrics
The filing text does not provide specific financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. This report is strictly procedural regarding the change of auditors.
Material Changes
- Dismissal of Auditor: On March 29, 2013, BofI Holding, Inc. dismissed Crowe Horwath LLP as its independent registered public accounting firm. This action was approved by the Audit Committee.
- Engagement of New Auditor: On the same date, the company engaged BDO USA LLP as its new independent registered public accounting firm to audit financial statements for the current fiscal year. This engagement was also approved by the Audit Committee.
- Audit History: The audit reports issued by Crowe Horwath LLP for the fiscal years ended June 30, 2011, and 2012, were unqualified and did not contain adverse opinions, disclaimers, or modifications regarding uncertainty, scope, or accounting principles.
- Disagreements: The company reported no disagreements with Crowe Horwath LLP during the two most recent fiscal years or the period from June 30, 2012, through the dismissal date regarding accounting principles, financial statement disclosures, or auditing scope.
Guidance, Outlook, and Risks
The filing contains no management guidance, financial outlook, or discussion of general business risks. The primary disclosure relates to the transition of audit responsibilities. Crowe Horwath LLP provided a response letter agreeing with the company's statements, except regarding their ability to confirm the engagement of the new auditor or the specific internal approval processes.
Key Facts for Investor Verification
- Verify the effective date of the new audit engagement with BDO USA LLP.
- Review the attached Exhibit 16.1 (Letter from Crowe Horwath LLP) for any nuances in their agreement with the company's disclosures.
- Confirm that no "Reportable Events" under Regulation S-K Item 304(a)(1)(v) occurred during the tenure of the former auditor.
- Monitor upcoming financial filings to ensure the new auditor's initial reports are consistent with prior periods.