Business Context and Reporting Period
This Form 8-K filing by Broadway Financial Corporation (Delaware) was submitted on May 28, 2014. The report discloses a change in the Company's independent registered public accounting firm effective as of the filing date.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on corporate governance regarding the audit firm.
Material Changes
- Accountant Change: The Board of Directors dismissed Crowe Horwath LLP and engaged Moss Adams LLP as the new independent registered public accounting firm for the fiscal year ending December 31, 2014.
- Audit History:
- 2013: Crowe Horwath issued an unqualified audit report with no adverse opinions or disclaimers.
- 2012: Crowe Horwath issued a modified audit report containing a qualification regarding uncertainty about the Company's ability to continue as a going concern.
- Disagreements: The Company reported no disagreements with Crowe Horwath in the two fiscal years ended December 31, 2013 and 2012, regarding accounting principles, financial statement disclosure, or auditing scope.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future operations, or specific risk factors beyond the historical context of the 2012 going concern qualification. The Company confirmed it did not consult with Moss Adams regarding accounting principles or potential audit opinions prior to their engagement.
Investor Verification Checklist
- Verify the transition timeline and scope of work between Crowe Horwath LLP and Moss Adams LLP.
- Review the 2012 audit report to understand the specific nature of the "going concern" uncertainty that was previously noted.
- Confirm that no undisclosed disagreements or reportable events occurred during the 2012-2013 period.
- Examine the letter from Crowe Horwath LLP (Exhibit 16.1) for any additional context regarding the dismissal.