Business Context and Reporting Period
This Form 8-K Current Report was filed by Magyar Bancorp, Inc. on October 5, 2009, covering events occurring on October 1 and October 2, 2009. The filing addresses a change in the Company's independent registered public accounting firm.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is strictly administrative regarding auditor changes and contains no financial performance data.
Material Changes
- Resignation of Auditor: Beard Miller Company LLP ("Beard") resigned as the Company's independent registered public accounting firm on October 1, 2009.
- Reason for Change: The resignation resulted from Beard combining its audit practice with ParenteBeard, LLC ("ParenteBeard") in a transaction where staff and partners joined ParenteBeard.
- Engagement of New Auditor: ParenteBeard was engaged as the new independent registered public accounting firm on October 2, 2009, with the approval of the Audit Committee.
- Consultation History: The Company did not consult with ParenteBeard regarding accounting principles or audit opinions prior to engagement.
- Disagreements: There were no disagreements with Beard regarding accounting principles, financial statement disclosure, or auditing scope during the period from initial engagement (June 5, 2009) through resignation.
Guidance, Outlook, and Risks
The filing contains no management guidance, financial outlook, or discussion of risks and contingencies. The only unusual item noted is the administrative transition of the audit firm due to a merger of the accounting practices.
Key Facts for Investor Verification
- Verify the effective date of the new auditor engagement (October 2, 2009).
- Confirm that no disagreements existed with the former auditor, Beard Miller Company LLP, prior to their resignation.
- Note that Beard had not issued any reports regarding the Company's financial statements since its initial engagement on June 5, 2009.
- Review Exhibit 16, the letter from Beard Miller Company LLP to the SEC, for their concurrence with the statements in this filing.