Primis Financial Corp. Appoints New Auditor
Ticker: FRST · Form: 8-K · Filed: Oct 17, 2024 · CIK: 1325670
| Field | Detail |
|---|---|
| Company | Primis Financial CORP. (FRST) |
| Form Type | 8-K |
| Filed Date | Oct 17, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 4 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: auditor-change, accounting
TL;DR
Primis Financial Corp. swapped auditors, bringing in BDO USA, P.A. after Dixon Hughes Goodman LLP resigned.
AI Summary
Primis Financial Corp. announced on October 16, 2024, that it has appointed a new independent registered public accounting firm, BDO USA, P.A., effective immediately. This change follows the resignation of its former auditor, Dixon Hughes Goodman LLP, on October 11, 2024. The company stated that the decision to change auditors was not a result of any disagreements or reportable events with Dixon Hughes Goodman LLP.
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 — This filing concerns a routine change of auditors and does not indicate any immediate financial distress or significant operational changes.
Key Players & Entities
- Primis Financial Corp. (company) — Registrant
- BDO USA, P.A. (company) — New independent registered public accounting firm
- Dixon Hughes Goodman LLP (company) — Former independent registered public accounting firm
- October 16, 2024 (date) — Date of auditor appointment
- October 11, 2024 (date) — Date of former auditor's resignation
FAQ
Who is Primis Financial Corp.'s new independent registered public accounting firm?
Primis Financial Corp. has appointed BDO USA, P.A. as its new independent registered public accounting firm.
When was the change in auditors effective?
The change in auditors was effective immediately as of October 16, 2024.
Who was Primis Financial Corp.'s previous auditor?
Primis Financial Corp.'s previous auditor was Dixon Hughes Goodman LLP.
When did the previous auditor resign?
Dixon Hughes Goodman LLP resigned as the independent registered public accounting firm on October 11, 2024.
Were there any disagreements with the former auditor?
The filing states that the decision to change auditors was not the result of any disagreements or reportable events with Dixon Hughes Goodman LLP.
Filing Stats: 907 words · 4 min read · ~3 pages · Grade level 15.1 · Accepted 2024-10-17 17:00:23
Filing Documents
- tm2426404d1_8k.htm (8-K) — 28KB
- tm2426404d1_ex16-1.htm (EX-16.1) — 2KB
- 0001104659-24-109570.txt ( ) — 200KB
- frst-20241016.xsd (EX-101.SCH) — 3KB
- frst-20241016_lab.xml (EX-101.LAB) — 33KB
- frst-20241016_pre.xml (EX-101.PRE) — 22KB
- tm2426404d1_8k_htm.xml (XML) — 3KB
01 Changes in Registrant's Certifying Accountant
Item 4.01 Changes in Registrant's Certifying Accountant.
01(b)— New Independent Registered
Item 4.01(b)— New Independent Registered Public Accounting Firm Engaged On September 19, 2024, the Audit Committee of Primis Financial Corp. (the "Company") appointed Crowe LLP ("Crowe") as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024 and on October 16, 2024 Crowe formally accepted the Company's appointment as independent registered public accounting firm. During the fiscal years ended December 31, 2023 and 2022 and the subsequent interim period through October 16, 2024, neither the Company nor anyone acting on its behalf consulted with Crowe regarding any matter or event that would require disclosure under Item 304(a)(2) of Regulation S-K, except as set forth below: For the 2022 fiscal year, management prepared an internal memo detailing the accounting for an agreement with a third-party to originate a consumer loan portfolio for the Company (the "Agreement"). The Company consulted with Crowe in preparation of that memo regarding the appropriate allocation of certain revenue and expense items associated with the Agreement. Crowe provided advice on those allocations and relevant literature as management completed its analysis in the memo without providing an opinion on the accounting conclusions reached. During the audit of the Company's 2023 fiscal year financial statements by the Company's previous independent registered public accounting firm, Forvis Mazars, LLP ("Forvis"), the Company engaged a different accounting advisory firm to provide accounting advice on the Agreement and, ultimately, pursued a consultation with the Securities and Exchange Commission (the "SEC"). As previously disclosed on the Company's Form 8-K filed on August 12, 2024, the SEC consultation was completed on August 9, 2024. As a result of the consultation with the subsequently engaged accounting advisory firm and in connection with the consultation with the SEC, management determined the accounting for the Agreement should be
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits 16.1 Letter dated October 17 , 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 October 17, 2024 Matthew Switzer Chief Financial Officer