First Seacoast Bancorp Dumps Auditor Wolf & Co. on Jan 16

TL;DR

**FSEA just fired their auditor, Wolf & Company, on Jan 16, raising questions about financial oversight.**

AI Summary

First Seacoast Bancorp, Inc. (FSEA) announced on January 16, 2024, that it has dismissed Wolf & Company, P.C. as its independent registered public accounting firm. This change was approved by the Audit Committee of the Board of Directors. The company has not yet engaged a new accounting firm, which is a crucial step for ensuring accurate financial reporting. This matters to investors because a stable and reputable auditor is essential for trust in a company's financial statements, and a change can sometimes signal underlying issues or a desire for a fresh perspective.

Why It Matters

A change in auditors can impact investor confidence as it raises questions about the reasons behind the dismissal and the potential for future financial reporting issues. Investors rely on independent auditors to verify the accuracy of financial statements.

Risk Assessment

Risk Level: medium — Changing auditors can introduce uncertainty regarding financial reporting and may signal disagreements or a need for a different approach to audits.

Analyst Insight

Investors should monitor future filings for the announcement of a new auditor and review any disclosures regarding disagreements with the former auditor, as this could provide insight into the reasons for the change and potential impacts on financial reporting.

Key Players & Entities

• First Seacoast Bancorp, Inc. (company) — the registrant changing its certifying accountant
• Wolf & Company, P.C. (company) — the independent registered public accounting firm that was dismissed
• January 16, 2024 (date) — the date of the earliest event reported, when the auditor was dismissed
• Audit Committee of the Board of Directors (company) — the body that approved the dismissal of Wolf & Company, P.C.

Forward-Looking Statements

• First Seacoast Bancorp, Inc. will announce the engagement of a new independent registered public accounting firm. (First Seacoast Bancorp, Inc.) — medium confidence, target: Q2 2024

FAQ

Key Financial Figures

• $0.01 — ich Registered Common stock, par value $0.01 per share FSEA The Nasdaq Stock Mar

Filing Documents

• form8k.htm (8-K) — 27KB
• ex16.htm (EX-16) — 6KB
• image00002.jpg (GRAPHIC) — 6KB
• image00003.jpg (GRAPHIC) — 9KB
• 0000943374-24-000002.txt ( ) — 192KB
• fsea-20240116.xsd (EX-101.SCH) — 4KB
• fsea-20240116_lab.xml (EX-101.LAB) — 23KB
• fsea-20240116_pre.xml (EX-101.PRE) — 16KB
• form8k_htm.xml (XML) — 4KB

01

Item 4.01. Changes in Registrant's Certifying Accountant. On January 16, 2024 (the "Notice Date"), Baker Newman & Noyes LLC ("BNN") notified First Seacoast Bancorp, Inc. (the "Company") that BNN declines to stand for re-appointment as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024, due to BNN's decision to exit its audit practice for Securities and Exchange Commission ("SEC")-registered banking institutions. BNN will complete the audit of the Company's consolidated financial statements for the fiscal year ended December 31, 2023. BNN's engagement will terminate once the Company successfully engages a new independent registered public accounting firm and until then BNN will remain available to perform quarterly review services on the Company's unaudited consolidated financial statements to be included in the Company's Quarterly Reports on Form 10-Q for fiscal 2024. BNN's audit report on the Company's consolidated financial statements for each of the past two fiscal years ended December 31, 2022 and December 31, 2021 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles. During the Company's two most recent fiscal years ended December 31, 2023 and December 31, 2022 and the subsequent interim period from January 1, 2024 through the Notice Date: (i) there were no disagreements with BNN on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to BNN's satisfaction, would have caused BNN to make reference to the subject matter of the disagreement in connection with its report, and (ii) there were no "reportable events" as defined in Item 304(a)(1)(v) of SEC Regulation S-K. Before filing this Current Report on Form 8-K with the SEC, the Company provided BNN with a copy of the disclosures contained in this Item 4.01 and requested th

Financial Statements and Exhibits

Financial Statements and Exhibits . (d) Exhibits 16 Letter of Baker Newman & Noyes LLC dated January 17, 2024 104 Cover Page Interactive Data File (Embedded within Inline XBRL document)

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. FIRST SEACOAST BANCORP, INC. Dated: January 17, 2024 By: /s/ Richard M. Donovan Richard M. Donovan Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR