Business Context and Reporting Period
This Form 8-K filing by Home Federal Bancorp, Inc. of Louisiana (HFBL) was submitted on July 21, 2021. The report discloses a change in the Company's independent registered public accounting firm. The Company is incorporated in Louisiana and its common stock trades on the Nasdaq Stock Market under the symbol HFBL.
Financial Metrics
This filing does not contain financial performance data. There are no reported figures for revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
The primary material change reported is the dismissal of the Company's former auditor and the engagement of a new firm:
- Dismissal: LaPorte, A Professional Accounting Corporation ("LaPorte") was dismissed as the independent registered public accounting firm upon completion of the audit for the fiscal year ended June 30, 2021.
- Engagement: Dixon Hughes Goodman, LLP ("DHG") was selected to serve as the independent registered public accounting firm for the fiscal year ending June 30, 2022.
- Approval: The selection of DHG was approved by the Audit Committee on July 13, 2021, and by the Board of Directors on July 21, 2021.
Management Commentary and Risks
Management provided the following context regarding the auditor change:
- No Disagreements: The Company stated there were no "disagreements" with LaPorte regarding accounting principles, practices, financial statement disclosure, or auditing scope during the fiscal years ended June 30, 2021 and 2020.
- No Reportable Events: There were no "reportable events" as defined by Regulation S-K during the same periods.
- Opinion History: LaPorte's reports for the years ended June 30, 2020 and 2019 did not contain adverse opinions, disclaimers, or qualifications.
- Consultation with New Auditor: The Company confirmed that no consultations occurred with DHG regarding accounting principles or reportable events during the two most recent fiscal years or the interim period leading up to the Notice Date.
Key Facts for Investor Verification
- Verify the content of LaPorte's letter to the SEC (Exhibit 99.1) to confirm their agreement with the Company's statements regarding the dismissal.
- Monitor the completion of DHG's customary client acceptance procedures to ensure the engagement is finalized.
- Review the upcoming 10-K for the fiscal year ending June 30, 2022, to assess the new auditor's initial findings and any potential changes in audit scope or opinion.