Business Context and Reporting Period
Company: Bank First National Corporation
Filing Type: Form 8-K (Current Report)
Date of Report: November 29, 2018
Reporting Period: The filing addresses events occurring on November 29, 2018, regarding the fiscal year ending December 31, 2018.
Key Financial Metrics
This filing does not contain financial performance data. There are no reported values for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes
The primary material change reported is the replacement of the Company's independent registered public accounting firm:
- Dismissal: CliftonLarsonAllen LLP ("CLA") was dismissed effective November 29, 2018. CLA had been engaged on February 27, 2018, and had not audited financial statements for the two most recent fiscal years.
- Appointment: Porter Keadle Moore, LLC ("PKM") was engaged as the new independent registered public accounting firm for the fiscal year ending December 31, 2018.
- History: PKM previously served as the auditor for the years ended December 31, 2017 and 2016, and for the interim period from January 1, 2018, through February 27, 2018.
Management Commentary, Risks, and Contingencies
Disagreements and Reportable Events:
The Company stated there were no "disagreements" or "reportable events" with either the outgoing firm (CLA) or the incoming firm (PKM) regarding accounting principles, financial statement disclosure, or auditing scope during their respective engagement periods.
Consultations:
The Company confirmed it did not consult PKM on specified transactions or audit opinions during the interim periods when PKM was not the primary auditor (February 27, 2018, through May 24, 2018, and August 15, 2018, through November 29, 2018).
Exhibits:
A letter from CliftonLarsonAllen LLP dated December 6, 2018, confirming their agreement with the statements in the report, is filed as Exhibit 99.1.
Investor Verification Checklist
- Verify the reasons for the dismissal of CliftonLarsonAllen LLP, as the filing does not explicitly state the rationale beyond the Audit Committee's decision.
- Review the letter from CliftonLarsonAllen LLP (Exhibit 99.1) to confirm their concurrence with the Company's statements regarding the dismissal.
- Confirm the transition timeline for the audit of the fiscal year ending December 31, 2018, now assigned to Porter Keadle Moore, LLC.
- Check subsequent filings (e.g., Form 10-K) to ensure the change in auditors did not impact the audit opinion for the 2018 fiscal year.