Broadway Financial Appoints BDO USA as New Auditor

TL;DR

BYFC swapped auditors from Crowe to BDO USA, effective Dec 18, 2024.

AI Summary

Broadway Financial Corporation (BYFC) announced on December 18, 2024, that it has appointed BDO USA, LLP as its new independent registered public accounting firm, replacing Crowe LLP. This change comes after Crowe LLP resigned from its position.

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 concerns a change in independent auditors, which is a routine administrative event.

Key Players & Entities

• Broadway Financial Corporation (company) — Registrant
• BDO USA, LLP (company) — New independent registered public accounting firm
• Crowe LLP (company) — Former independent registered public accounting firm
• December 18, 2024 (date) — Effective date of auditor change

FAQ

Key Financial Figures

• $0.01 — stered Class A Common Stock, par value $0.01 per share (including attached preferred

Filing Documents

• ef20040600_8k.htm (8-K) — 31KB
• ef20040600_ex16-1.htm (EX-16.1) — 2KB
• 0001140361-24-050272.txt ( ) — 167KB
• byfc-20241218.xsd (EX-101.SCH) — 4KB
• byfc-20241218_lab.xml (EX-101.LAB) — 21KB
• byfc-20241218_pre.xml (EX-101.PRE) — 16KB
• ef20040600_8k_htm.xml (XML) — 4KB

01

Item 4.01 Other Events. On December 18, 2024 the Audit Committee of the Board of Directors (the "Audit Committee") of Broadway Financial Corporation (the "Company") approved the appointment of Crowe LLP ("Crowe") as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025, subject to completion of Crowe's standard client acceptance procedures and execution of an engagement letter, and dismissed Moss Adams LLP ("Moss Adams"), as the Company's independent registered public accounting firm effective upon Moss Adams's issuance of its audit report on the Company's During the years ended December 31, 2023 and 2022 and the interim period from December 31, 2023 through December 18, 2024, neither the Company nor anyone acting on the Company's behalf consulted Crowe regarding (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, or (ii) any matter that was either the subject of a disagreement as defined in Item 304(a)(1)(iv) of the SEC's Regulation S-K or a "reportable event" described in Item 304(a)(1)(v) of the SEC's Regulation S-K. The reports of Moss Adams on the Company's consolidated financial statements as of and for the years ended December 31, 2023 and 2022 did not contain any adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles. During the years ended December 31, 2023 and 2022 and the interim period from December 31, 2023 through December 18, 2024, there have been no disagreements with Moss Adams 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 Moss Adams, would have caused Moss Adams to make reference thereto i

Financial Statements and Exhibits

Financial Statements and Exhibits. 16.1 Letter dated December 23, 2024 from Moss Adams LLP (filed herewith) 104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101). 3 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: December 23, 2024 BROADWAY FINANCIAL CORPORATION By: /s/ Zack Ibrahim Name: Zack Ibrahim Title: Chief Financial Officer 4

View Full Filing

View this 8-K filing on SEC EDGAR