Bank of the James Changes Auditors
Ticker: BOTJ · Form: 8-K · Filed: Mar 15, 2024 · CIK: 1275101
| Field | Detail |
|---|---|
| Company | Bank Of The James Financial Group Inc (BOTJ) |
| Form Type | 8-K |
| Filed Date | Mar 15, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $2.14 |
| Sentiment | neutral |
Sentiment: neutral
Topics: auditor-change, accounting
TL;DR
BOTJ swapped auditors from Yount, Hyde & Company to Cherry Bekaert LLP.
AI Summary
On March 12, 2024, Bank of the James Financial Group, Inc. reported a change in its certifying accountant. The company dismissed its previous independent registered public accounting firm, Yount, Hyde & Company, P.C., and has engaged Cherry Bekaert LLP as its new principal accountant. This change was approved by the Audit Committee of the Board of Directors.
Why It Matters
A change in auditors can sometimes signal underlying issues or a desire for a fresh perspective on financial reporting, which investors should monitor.
Risk Assessment
Risk Level: low — The filing solely reports a change in the company's auditor, which is a routine administrative event.
Key Players & Entities
- BANK OF THE JAMES FINANCIAL GROUP, INC. (company) — Registrant
- Yount, Hyde & Company, P.C. (company) — Previous certifying accountant
- Cherry Bekaert LLP (company) — New certifying accountant
- March 12, 2024 (date) — Date of earliest event reported
FAQ
When was the decision to change auditors made?
The filing does not specify the exact date the decision was made, but the earliest event reported is March 12, 2024.
What was the name of the previous auditor?
The previous independent registered public accounting firm was Yount, Hyde & Company, P.C.
Who is the new auditor?
The new principal accountant engaged is Cherry Bekaert LLP.
Who approved the change in auditors?
The change was approved by the Audit Committee of the Board of Directors.
What is the principal business of Bank of the James Financial Group, Inc.?
Bank of the James Financial Group, Inc. is in the commercial banking industry, as indicated by its Standard Industrial Classification code [6022].
Filing Stats: 896 words · 4 min read · ~3 pages · Grade level 13.6 · Accepted 2024-03-15 16:00:21
Key Financial Figures
- $2.14 — e on Which Registered Common Stock, $2.14 par value BOTJ The NASDAQ Capital M
Filing Documents
- botj-20240312x8k.htm (8-K) — 80KB
- botj-20240312xex16_1.htm (EX-16.1) — 9KB
- botj-20240312xex16_1g001.jpg (GRAPHIC) — 14KB
- botj-20240312xex16_1g002.jpg (GRAPHIC) — 9KB
- botj-20240312xex16_1g003.jpg (GRAPHIC) — 2KB
- 0001562762-24-000059.txt ( ) — 240KB
- botj-20240312.xsd (EX-101.SCH) — 2KB
- botj-20240312_lab.xml (EX-101.LAB) — 14KB
- botj-20240312_pre.xml (EX-101.PRE) — 10KB
- botj-20240312x8k_htm.xml (XML) — 5KB
01 – Changes in Registrant's Certifying Accountant
Item 4.01 – Changes in Registrant's Certifying Accountant. At a meeting on March 12, 2024, the Audit Committee of Bank of the James Financial Group, Inc. (the "Company") dismissed Yount, Hyde & Barbour, P.C. ("YHB") as the Company's independent registered public accounting firm upon completion of the 2023 audit and filing of the fiscal year 2023 Form 10-K. At the same meeting, the Audit Committee selected the accounting firm of Elliott Davis, PLLC ("Elliott Davis") as the new independent registered public accounting firm for the Company's 2024 fiscal year. YHB audited the consolidated financial statements of the Company for the years ended December 31, 2022 and 2021. YHB's report on the Company's financial statements for the last two fiscal years did not contain an adverse opinion or disclaimer of opinion, nor were such reports qualified or modified as to uncertainty, audit scope or accounting principles. During the subsequent interim period from January 1, 2023 through March 12, 2024, and for the fiscal years ended December 31, 2022 and 2021, there were no (i) disagreements between YHB and the Company on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of YHB, would have caused it to make reference to the subject matter of the disagreements in connection with its reports, or (ii) "reportable events," as that term is defined in Item 304(a)(1)(v) of Regulation S-K. The Company has requested that YHB review the disclosure in this Report on Form 8-K, and YHB has been given the opportunity to furnish the Company with a copy of its letter addressed to the Securities Exchange Commission containing any new information, clarification of the Company's expression of its views, or the respects in which it does not agree with the statements made by the Company herein. Such letter is filed as Exhibit 16.1 to this Report. During the subsequent interi
01 - Financial Statements and Exhibits
Item 9.01 - Financial Statements and Exhibits (a) Financial statements of businesses acquired – not applicable (b) Pro forma financial information – not applicable (c) Shell company transactions – not applicable (d) Exhibits Exhibit No. Exhibit Description 16.1 Letter dated March 15, 2024 from Yount, Hyde & Barbour, P.C. to the Securities and Exchange Commission regarding change in Certifying Accountant of the Company 104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL 2 SIGNATURE 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. Date: March 15, 2024 BANK OF THE JAMES FINANCIAL GROUP, INC . By /s/ J. Todd Scruggs J. Todd Scruggs Secretary-Treasurer 3