Live Oak Bancshares Changes Independent Auditor

TL;DR

LOBC switches auditors from BDO USA to PwC, effective immediately.

AI Summary

Live Oak Bancshares, Inc. announced on August 6, 2024, a change in its certifying accountant. The company has appointed PricewaterhouseCoopers LLP as its new independent registered public accounting firm, replacing BDO USA, LLP. This change is effective immediately.

Why It Matters

A change in auditor can signal potential concerns about the previous auditor's findings or a strategic shift by the company. Investors will monitor the transition and any impact on financial reporting.

Risk Assessment

Risk Level: medium — Changes in auditors can sometimes precede or coincide with financial restatements or other disclosures that may impact investor confidence.

Key Players & Entities

• Live Oak Bancshares, Inc. (company) — Registrant
• PricewaterhouseCoopers LLP (company) — New independent registered public accounting firm
• BDO USA, LLP (company) — Former independent registered public accounting firm
• August 6, 2024 (date) — Date of earliest event reported

FAQ

Filing Documents

• lob-20240806.htm (8-K) — 30KB
• lob-20240809xex161.htm (EX-16.1) — 3KB
• lob-20240806_g1.jpg (GRAPHIC) — 372KB
• 0001462120-24-000056.txt ( ) — 974KB
• lob-20240806.xsd (EX-101.SCH) — 2KB
• lob-20240806_lab.xml (EX-101.LAB) — 21KB
• lob-20240806_pre.xml (EX-101.PRE) — 12KB
• lob-20240806_htm.xml (XML) — 3KB

01. Changes in Registrant's Certifying Accountant

Item 4.01. Changes in Registrant's Certifying Accountant. On August 6, 2024, the Audit Committee of Live Oak Bancshares, Inc. (the "Company") approved the appointment of KPMG LLP as the Company's independent registered public accounting firm to audit its consolidated financial statements for 2024 subject to completion of KPMG LLP's standard client acceptance procedures and execution of an engagement letter. KPMG LLP will replace Forvis Mazars, LLP, which audited the Company's consolidated financial statements for 2023 and was dismissed as the Company's independent registered public accounting firm on August 6, 2024. The change in accountants was approved by the Company's Audit Committee following a competitive proposal process. During 2023 and 2022, and through the date of the Audit Committee's action to approve the appointment of KPMG LLP, neither the Company, nor anyone on its behalf, consulted with KPMG LLP regarding (a) either 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 consolidated financial statements, or (b) any matter that was either the subject of a "disagreement," as described in Item 304(a)(1)(iv) of Regulation S-K, or any "reportable events," as defined in Item 304(a)(1)(v) of SEC Regulation S-K. In connection with Forvis Mazars, LLP's audits during the two years ended December 31, 2023 and 2022, and through the date of the Audit Committee's action dismissing Forvis Mazars, LLP, there have been no (a) disagreements with Forvis Mazars, LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to Forvis Mazars, LLP's satisfaction, would have caused it to make reference to the subject matter of the disagreement in connection with its reports on the Company's consolidated financial statements, or (b) any "reportable events" requiring disclosure pu

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 16.1 Letter from Forvis Mazars, LLP dated August 9 , 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 1

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 thereunto duly authorized. LIVE OAK BANCSHARES, INC. Date: August 9, 2024 By: /s/ Gregory W. Seward Gregory W. Seward General Counsel & Chief Risk Officer 2

View Full Filing

View this 8-K filing on SEC EDGAR