Business Context and Reporting Period
This Form 8-K is a current report filed by Nicolet Bankshares, Inc. on October 7, 2019, regarding events occurring on October 1, 2019. The filing addresses a change in the Company's independent registered public accounting firm.
Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. It is a disclosure of a corporate governance event rather than a financial results report.
Material Changes
- Accountant Change: Effective October 1, 2019, the Company's previous auditor, Porter Keadle Moore, LLC ("PKM"), resigned following a practice combination with Wipfli LLP ("Wipfli").
- Successor Engagement: Wipfli LLP was engaged as the new independent registered public accounting firm, succeeding PKM.
- Approval: The Company's Audit Committee notified, ratified, and approved the engagement of Wipfli.
Guidance, Outlook, and Risks
Audit History and Disagreements:
- PKM's reports for the years ended December 31, 2018, and 2017 contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- There were no disagreements with PKM on accounting principles, financial statement disclosures, or auditing scope/procedures during the audits of 2017-2018 or reviews through June 30, 2019.
- The Company has not consulted with Wipfli on any matters involving the application of accounting principles to specified transactions or potential audit opinions during the two most recent fiscal years and through October 1, 2019.
Unusual Items: The filing notes no reportable events or disagreements as defined in Regulation S-K.
Key Facts for Investor Verification
- Verify the effective date of the auditor transition (October 1, 2019).
- Confirm that the change resulted from a practice combination between PKM and Wipfli, not a dispute.
- Note that the Audit Committee ratified the new engagement.
- Review Exhibit 16.1 for the formal letter from Wipfli to the SEC regarding this change.