ROCKY BRANDS Switches Auditors to Ernst & Young
Ticker: RCKY · Form: 8-K · Filed: Jan 12, 2024 · CIK: 895456
| Field | Detail |
|---|---|
| Company | Rocky Brands, Inc. (RCKY) |
| Form Type | 8-K |
| Filed Date | Jan 12, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 4 min |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: auditor-change, corporate-governance
TL;DR
**RCKY just swapped auditors to Ernst & Young, signaling a potential boost in financial oversight.**
AI Summary
ROCKY BRANDS, INC. (RCKY) announced on January 10, 2024, that it has changed its independent registered public accounting firm from BDO USA, P.A. to Ernst & Young LLP. This change was approved by the Audit Committee of the Board of Directors. This matters to investors because a change in auditors, especially to a 'Big Four' firm like Ernst & Young, can signal a company's commitment to robust financial oversight and potentially increased scrutiny, which could improve investor confidence in the accuracy of financial reporting.
Why It Matters
A change in auditors can impact investor confidence and the perceived reliability of a company's financial statements, especially when moving to a globally recognized firm.
Risk Assessment
Risk Level: low — Changing auditors is a routine corporate governance event and does not inherently pose a significant risk unless there were disagreements, which were not reported here.
Analyst Insight
A smart investor would monitor future financial statements from ROCKY BRANDS, INC. for any changes in reporting quality or disclosures, as the new auditor, Ernst & Young LLP, might bring different perspectives or stricter interpretations.
Key Players & Entities
- ROCKY BRANDS, INC. (company) — the registrant changing its certifying accountant
- BDO USA, P.A. (company) — the former independent registered public accounting firm
- Ernst & Young LLP (company) — the new independent registered public accounting firm
- Audit Committee (company) — the committee that approved the change in auditors
- January 10, 2024 (date) — date of the earliest event reported
Forward-Looking Statements
- Investor confidence in RCKY's financial reporting will slightly increase due to the engagement of a 'Big Four' accounting firm. (RCKY) — medium confidence, target: Q1 2024
FAQ
What was the specific date of the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on January 10, 2024.
Which company was the former independent registered public accounting firm for ROCKY BRANDS, INC.?
BDO USA, P.A. was the former independent registered public accounting firm for ROCKY BRANDS, INC.
Who is the new independent registered public accounting firm for ROCKY BRANDS, INC.?
Ernst & Young LLP is the new independent registered public accounting firm for ROCKY BRANDS, INC.
Which body within ROCKY BRANDS, INC. approved the change in the certifying accountant?
The Audit Committee of the Board of Directors of ROCKY BRANDS, INC. approved the change in the certifying accountant.
What is the trading symbol and exchange for ROCKY BRANDS, INC. common stock?
The trading symbol for ROCKY BRANDS, INC. common stock is RCKY, and it is registered on Nasdaq.
Filing Stats: 1,029 words · 4 min read · ~3 pages · Grade level 14.6 · Accepted 2024-01-12 08:19:34
Filing Documents
- rcky20231219_8k.htm (8-K) — 30KB
- ex_614118.htm (EX-16.1) — 6KB
- pic1.jpg (GRAPHIC) — 5KB
- untitled2.jpg (GRAPHIC) — 15KB
- untitled.jpg (GRAPHIC) — 13KB
- 0001437749-24-001245.txt ( ) — 218KB
- rcky-20240110.xsd (EX-101.SCH) — 3KB
- rcky-20240110_def.xml (EX-101.DEF) — 11KB
- rcky-20240110_lab.xml (EX-101.LAB) — 15KB
- rcky-20240110_pre.xml (EX-101.PRE) — 11KB
- rcky20231219_8k_htm.xml (XML) — 2KB
01 Changes in Registrant ' s Certifying Accountant
Item 4.01 Changes in Registrant ' s Certifying Accountant   (a) Dismissal of Previous Independent Registered Public Accounting Firm   On January 10, 2024, Rocky Brands, Inc. (the "Company") received written notice from Schneider Downs & Co., Inc. ("Schneider Downs") of its decision to decline to stand for re-appointment as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024, following completion of their current engagement for the fiscal year ended December 31, 2023, including the audit of the Company's consolidated financial statements for such fiscal year.   The reports of Schneider Downs on the Company's consolidated financial statements for the fiscal years ended December 31, 2021, and December 31, 2022, 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 fiscal years ended December 31, 2022, and December 31, 2023, and the subsequent interim period from January 1, 2024 through January 10, 2024, there have been no "disagreements" (as defined in Item 304(a)(1)(iv) of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended ("Regulation S-K") and the related instructions thereto) with Schneider Downs 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 Schneider Downs, would have caused Schneider Downs to make reference thereto in connection with its reports on the consolidated financial statements of the Company for such years.   During the fiscal years ended December 31, 2022, and December 31, 2023, and the subsequent interim period from January 1, 2024 through January 10, 2024, there have been no "reportable events" (as defined in Item 304(a)(1)(v) of Regulation S-K).
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.     Date: January 12, 2024     Rocky Brands, Inc.       /s/ Thomas D. Robertson   Thomas D. Robertson   Chief Operating Officer, Chief Financial Officer, and Treasurer