Business Context and Reporting Period
This Form 8-K Current Report is filed by Plumas Bancorp (PLBC), a California corporation, on July 22, 2019. The filing addresses a change in the registrant's certifying accountant.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document is strictly procedural regarding the appointment of an audit firm.
Material Changes
- Resignation of Prior Accountant: Vavrinek, Trine, Day & Company ("VTD") resigned as the Company's independent registered public accounting firm effective July 22, 2019.
- Reason for Change: The resignation resulted from Eide Bailly LLP ("Eide Bailly") acquiring the operations of VTD, with certain VTD staff and partners joining Eide Bailly.
- Engagement of New Accountant: Concurrent with VTD's resignation, the Company engaged Eide Bailly to serve as its independent registered public accounting firm for the fiscal year ending December 31, 2019.
Management Commentary, Risks, and Contingencies
- Audit Committee Approval: The decision to engage Eide Bailly was approved by the Company's Audit Committee.
- No Disagreements: The Company reported no disagreements with VTD regarding accounting principles, practices, financial statement disclosure, or auditing scope/procedures during the fiscal years ended December 31, 2018 and 2017, or the period through July 22, 2019.
- Reportable Events: No reportable events requiring disclosure under Item 304(a)(1)(v) of Regulation S-K occurred during the relevant periods.
- Prior Consultations: The Company did not consult with Eide Bailly regarding accounting principles or audit opinions prior to engagement, nor did Eide Bailly provide advice on accounting or auditing issues that influenced the Company's decision-making.
Investor Verification Checklist
- Verify the letter from Vavrinek, Trine, Day & Company (Exhibit 16.1) to confirm their agreement with the statements regarding the resignation and lack of disagreements.
- Confirm the effective date of the new engagement with Eide Bailly for the 2019 fiscal year.
- Review future filings to ensure the transition of audit responsibilities proceeds without qualification or delay.