Arrow Financial Appoints New Auditor, PwC Replaces KPMG
Ticker: AROW · Form: 8-K · Filed: Mar 19, 2024 · CIK: 717538
Sentiment: neutral
Topics: auditor-change, accounting
TL;DR
Arrow Financial swapped auditors from KPMG to PwC, effective March 14, 2024.
AI Summary
Arrow Financial Corporation announced on March 14, 2024, that it has appointed PricewaterhouseCoopers LLP as its new independent registered public accounting firm, replacing the previous auditor, KPMG LLP. This change is effective immediately, and KPMG LLP has not expressed any disagreements with Arrow Financial Corporation's accounting and financial disclosures.
Why It Matters
A change in auditors can sometimes signal underlying issues or a desire for a fresh perspective on financial reporting, potentially impacting investor confidence.
Risk Assessment
Risk Level: low — The filing is a routine change of auditor without any stated disagreements, which is common and typically low risk.
Key Players & Entities
- Arrow Financial Corporation (company) — Registrant
- PricewaterhouseCoopers LLP (company) — New independent registered public accounting firm
- KPMG LLP (company) — Previous independent registered public accounting firm
- March 14, 2024 (date) — Date of earliest event reported
FAQ
Who is Arrow Financial Corporation's new independent registered public accounting firm?
Arrow Financial Corporation has appointed PricewaterhouseCoopers LLP as its new independent registered public accounting firm.
Who was Arrow Financial Corporation's previous independent registered public accounting firm?
Arrow Financial Corporation's previous independent registered public accounting firm was KPMG LLP.
When was the change in auditor effective?
The change in auditor was effective as of March 14, 2024.
Were there any disagreements between Arrow Financial Corporation and KPMG LLP?
The filing states that KPMG LLP has not expressed any disagreements with Arrow Financial Corporation on any matter of accounting principles or practices or financial statement disclosure.
What is Arrow Financial Corporation's principal executive office address?
Arrow Financial Corporation's principal executive office is located at 250 Glen Street, Glens Falls, New York 12801.
Filing Stats: 1,054 words · 4 min read · ~4 pages · Grade level 17 · Accepted 2024-03-19 16:24:11
Key Financial Figures
- $1.00 — ich registered Common Stock, Par Value $1.00 per share AROW NASDAQ Global Select Mar
Filing Documents
- arow-20240314.htm (8-K) — 30KB
- ex161letterfromkpmg.htm (EX-16.1) — 3KB
- 0000717538-24-000053.txt ( ) — 156KB
- arow-20240314.xsd (EX-101.SCH) — 2KB
- arow-20240314_lab.xml (EX-101.LAB) — 21KB
- arow-20240314_pre.xml (EX-101.PRE) — 12KB
- arow-20240314_htm.xml (XML) — 3KB
01. Changes in Registrant's Certifying Accountant
Item 4.01. Changes in Registrant's Certifying Accountant. (a) The Audit Committee (the "Committee") of the Board of Directors of Arrow Financial Corporation (the "Company") recently conducted a competitive selection process to determine the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024. The Committee invited several public accounting firms to participate in this process, including KPMG LLP ("KPMG"), the Company's independent registered public accounting firm for the fiscal year ended December 31, 2023. As a result of this process, the Committee approved the appointment of Crowe LLP ("Crowe") as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024, subject to completion of its standard client acceptance procedures. On March 14, 2024, the Committee dismissed KPMG as the Company's independent registered public accounting firm, effective immediately. The audit reports of KPMG on the Company's consolidated financial statements for each of the two fiscal years ended December 31, 2023 and 2022 did not contain an adverse opinion or a disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles. In the fiscal years ended December 31, 2023 and 2022 and in the subsequent interim period through March 14, 2024, there were no "disagreements" (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) between the Company and KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the matter in its report on the consolidated financial statements for such years. In the fiscal years ended December 31, 2023 and 2022 and in the subsequent interim period through March 14, 2024, there were no "reportable events" (as described in Item 304(a)
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits Exhibit No . Description 16.1 Letter from KPMG LLP dated March 1 9 , 2024
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ARROW FINANCIAL CORPORATION Date: March 19, 2024 /s/ Penko Ivanov Penko Ivanov Chief Financial Officer