Primis Financial Corp. Appoints New Auditor
Ticker: FRST · Form: 8-K · Filed: Sep 23, 2024 · CIK: 1325670
| Field | Detail |
|---|---|
| Company | Primis Financial CORP. (FRST) |
| Form Type | 8-K |
| Filed Date | Sep 23, 2024 |
| Risk Level | medium |
| Pages | 5 |
| Reading Time | 6 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: auditor-change, accounting
TL;DR
Primis Financial Corp. swapped auditors from BDO USA to FORVIS, LLP, effective immediately.
AI Summary
Primis Financial Corp. announced on September 17, 2024, that it has dismissed its former independent registered public accounting firm, BDO USA, LLP. The company has appointed FORVIS, LLP as its new independent registered public accounting firm, effective immediately.
Why It Matters
A change in auditors can sometimes signal underlying issues or a desire for a fresh perspective on financial reporting, which could impact investor confidence.
Risk Assessment
Risk Level: medium — A change in auditors, especially without explicit reasons provided, can introduce uncertainty about the company's financial reporting and internal controls.
Key Players & Entities
- Primis Financial Corp. (company) — Registrant
- BDO USA, LLP (company) — Former independent registered public accounting firm
- FORVIS, LLP (company) — New independent registered public accounting firm
- September 17, 2024 (date) — Date of earliest event reported
FAQ
When was the decision to dismiss BDO USA, LLP made?
The filing states the dismissal was effective September 17, 2024, indicating the decision was made on or before this date.
Did BDO USA, LLP resign or was it dismissed by Primis Financial Corp.?
The filing explicitly states that Primis Financial Corp. dismissed BDO USA, LLP.
Has Primis Financial Corp. had any disagreements with BDO USA, LLP?
The filing does not mention any disagreements between Primis Financial Corp. and BDO USA, LLP.
What is the effective date for the appointment of FORVIS, LLP?
FORVIS, LLP was appointed as the new independent registered public accounting firm, effective immediately as of September 17, 2024.
Will BDO USA, LLP provide any services to Primis Financial Corp. going forward?
The filing does not specify any ongoing services from BDO USA, LLP; it only states their dismissal.
Filing Stats: 1,425 words · 6 min read · ~5 pages · Grade level 17.2 · Accepted 2024-09-23 17:01:18
Filing Documents
- tm2424551d1_8k.htm (8-K) — 34KB
- tm2424551d1_ex16-1.htm (EX-16.1) — 3KB
- 0001104659-24-102085.txt ( ) — 207KB
- frst-20240917.xsd (EX-101.SCH) — 3KB
- frst-20240917_lab.xml (EX-101.LAB) — 33KB
- frst-20240917_pre.xml (EX-101.PRE) — 22KB
- tm2424551d1_8k_htm.xml (XML) — 3KB
01 Changes in Registrant's Certifying Accountant
Item 4.01 Changes in Registrant's Certifying Accountant. Item 4.01(a)—Independent Registered Accounting Firm Declines to Stand for Re-Appointment On September 17, 2024, Forvis Mazars, LLP ("Forvis") notified Primis Financial Corp. (the "Company") that Forvis will decline to stand for re-appointment as the Company's independent registered public accounting firm for the year ending December 31, 2024. Forvis' decision to not stand for re-appointment was subsequently ratified and approved by the Audit Committee of the Company on September 19, 2024. The Company will continue to engage Forvis for the audit of the financial statements for the year ending December 31, 2023, for the restatement of the Company's previously-issued unaudited interim consolidated financial and nine months ended September 30, 2023 (as previously disclosed on the Company's Form 8-K filed on March 1, 2024), and review of the Company's interim financial statements for the quarter ending March 31, 2024. The audit report of Forvis on the Company's consolidated financial statements for the year ended December 31, 2022 did not contain an adverse opinion or a disclaimer of opinion, nor was it qualified or modified as to uncertainty, audit scope or accounting principles. The Company believes the forthcoming audit report for the year ended December 31, 2023 will also not contain an adverse opinion or a disclaimer of opinion, nor be qualified or modified as to uncertainty, audit scope or accounting principles. In the years ended December 31, 2023 and 2022 and in the subsequent interim period through September 17, 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 Forvis on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits 16.1 Letter dated September 23, 2024 from Forvis Mazars, LLP to the Securities and Exchange Commission. 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PRIMIS FINANCIAL CORP. By: /s/ Matthew A. Switzer September 23, 2024 Matthew Switzer Chief Financial Officer