BCB Bancorp Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by BCB Bancorp, Inc. on March 21, 2018, covering events that occurred on March 15, 2018. The filing addresses a change in the Company's independent registered public accounting firm.
Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance regarding the external auditor.
Material Changes
- Dismissal of Auditor: On March 15, 2018, the Company dismissed Baker Tilly Virchow Krause LLP as its independent registered public accounting firm.
- Engagement of New Auditor: On March 15, 2018, the Audit Committee engaged Wolf & Company, P.C. as the new independent registered public accounting firm for the fiscal year ending December 31, 2018.
- Process: The change resulted from a comprehensive, competitive request for proposal process conducted by the Audit Committee and ratified by the Board of Directors.
Outlook, Risks, and Contingencies
The Company stated there were no disagreements with the former auditor, Baker Tilly, regarding accounting principles, practices, financial statement disclosures, or auditing scope during the two most recent fiscal years or the interim period through March 15, 2018. Additionally, no "reportable events" as defined in Regulation S-K occurred during this time. The audit reports for the fiscal years ended December 31, 2017, and December 31, 2016, did not contain adverse opinions, disclaimers, or qualifications.
Key Facts for Investor Verification
- Verify the transition timeline and any potential delays in the 2018 audit completion due to the change in auditors.
- Review the letter from Baker Tilly Virchow Krause LLP (Exhibit 16.1) to confirm their agreement with the Company's disclosures regarding the dismissal.
- Confirm that Wolf & Company, P.C. has no prior conflicts or undisclosed consultations with the Company regarding accounting matters.
- Monitor future filings for any restatements or adjustments to prior financial statements resulting from the new auditor's review.