Business Context and Reporting Period
Company: Bank of the James Financial Group, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: November 7, 2005
Subject: Changes in 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. The report focuses exclusively on corporate governance regarding the independent auditor.
Material Changes
- Dismissal of Auditor: On November 2, 2005, the Registrant approved the dismissal of Cherry, Bekaert & Holland, L.L.P. ("CBH") as its independent accountants.
- Appointment of New Auditor: Yount, Hyde & Barbour, P.C. ("Yount, Hyde") was appointed as the new independent accountants.
- Effective Dates: CBH will serve for periods ending on or before December 31, 2005. Yount, Hyde will serve for periods beginning on or after January 1, 2006.
- Reasoning: The change followed a decision to seek proposals for the fiscal year ending December 31, 2006, and was approved by the Audit Committee.
Management Commentary and Risks
- No Disagreements: The Company reported no disagreements with CBH regarding accounting principles, financial statement disclosure, or auditing scope/procedures for the fiscal years ended December 31, 2004 and 2003, and the interim period through November 2, 2005.
- Audit Opinions: CBH's audit reports for 2003 and 2004 did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, scope, or accounting principles.
- Exhibit: A letter from CBH addressed to the SEC regarding the change is filed as Exhibit 16.
Investor Verification Checklist
- Review Exhibit 16 (CBH letter to the SEC) to confirm the former auditor's stance on the dismissal.
- Verify the transition timeline to ensure no gap in audit coverage between December 31, 2005, and January 1, 2006.
- Monitor future filings for the first audit report issued by Yount, Hyde & Barbour, P.C.