Rhinebeck Bancorp, Inc. Form 8-K Summary
Reporting date: October 7, 2019; filed under Item 4.01 regarding a change in the registrant’s independent registered public accounting firm. The report was signed on October 10, 2019.
Business Context and Reporting Period
Rhinebeck Bancorp, Inc. is a Maryland corporation whose common stock trades on Nasdaq under the symbol RBKB. The auditor disclosures cover the fiscal years ended December 31, 2017 and December 31, 2018, and the interim period from January 1, 2019 through June 30, 2019.
Financial Metrics and Liquidity
The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, or other operating or financial performance metrics.
Material Changes
- Baker Tilly Virchow Krause LLP notified the Company of its resignation as independent registered public accounting firm on October 7, 2019.
- The audit reports issued by Baker Tilly for 2017 and 2018 contained no adverse opinion or disclaimer and were not qualified or modified for uncertainty, audit scope, or accounting principles.
- The Company reported no disagreements with Baker Tilly regarding accounting principles, financial statement disclosure, or audit scope and procedures during the covered periods.
- The Company also reported no reportable events, as defined under Item 304(a)(1)(v) of Regulation S-K.
- On October 8, 2019, the Audit Committee engaged Wolf & Company, P.C. as the independent registered public accounting firm for the year ending December 31, 2019.
Guidance, Outlook, Risks, and Unusual Items
The filing provides no earnings guidance or broader business outlook. No accounting, auditing, or financial reporting disagreements or reportable events were disclosed. The Company stated that neither it nor anyone acting on its behalf had consulted Wolf & Company during the covered periods regarding specified accounting matters, potential audit opinions, disagreements, or reportable events.
Baker Tilly’s letter dated October 10, 2019 was filed as Exhibit 16.1. The source text does not state the substantive contents of that letter.
Key Facts for Investor Verification
- Verify the reason for Baker Tilly’s resignation and review Exhibit 16.1 for the auditor’s response.
- Confirm Wolf & Company’s appointment and scope of work for the year ending December 31, 2019.
- Review subsequent filings for any changes in auditor status, audit findings, internal controls, or financial reporting matters.
- Note the timing discrepancy between the October 7 report date, the October 8 engagement date, and the October 10 filing signature and auditor-letter date.