Shore Bancshares Appoints New Auditor BDO USA, LLP
Ticker: SHBI · Form: 8-K · Filed: May 28, 2024 · CIK: 1035092
| Field | Detail |
|---|---|
| Company | Shore Bancshares INC (SHBI) |
| Form Type | 8-K |
| Filed Date | May 28, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 4 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: auditor-change, accounting
Related Tickers: SHBI
TL;DR
SHBI swapped auditors from CohnReznick to BDO USA, LLP effective May 23rd.
AI Summary
Shore Bancshares, Inc. filed an 8-K on May 28, 2024, to report changes in its certifying accountant. The company has appointed BDO USA, LLP as its new independent registered public accounting firm, effective May 23, 2024. This change follows the resignation of their previous auditor, CohnReznick LLP.
Why It Matters
A change in a company's auditor can signal potential shifts in financial reporting scrutiny or strategic direction, warranting investor attention.
Risk Assessment
Risk Level: low — This filing is a routine change of auditor and does not inherently indicate financial distress or significant operational changes.
Key Players & Entities
- Shore Bancshares, Inc. (company) — Registrant
- BDO USA, LLP (company) — New Certifying Accountant
- CohnReznick LLP (company) — Former Certifying Accountant
- May 28, 2024 (date) — Filing Date
- May 23, 2024 (date) — Effective Date of New Auditor Appointment
FAQ
Who is Shore Bancshares, Inc.'s new independent registered public accounting firm?
Shore Bancshares, Inc. has appointed BDO USA, LLP as its new independent registered public accounting firm.
When was the appointment of the new auditor effective?
The appointment of BDO USA, LLP was effective May 23, 2024.
Who was Shore Bancshares, Inc.'s previous independent registered public accounting firm?
Shore Bancshares, Inc.'s previous independent registered public accounting firm was CohnReznick LLP.
What is the filing date of this 8-K report?
This 8-K report was filed on May 28, 2024.
What item is being reported in this 8-K filing?
This 8-K filing reports changes in the registrant's certifying accountant.
Filing Stats: 950 words · 4 min read · ~3 pages · Grade level 12.9 · Accepted 2024-05-28 16:22:43
Filing Documents
- shbi-20240528.htm (8-K) — 29KB
- shbi-20240528xexx161.htm (EX-16.1) — 2KB
- image.jpg (GRAPHIC) — 5KB
- shbi-20240528_g1.jpg (GRAPHIC) — 69KB
- yhblogo.jpg (GRAPHIC) — 44KB
- shbi-20240528xexx161.pdf (EX-16.1) — 174KB
- 0001628280-24-025422.txt ( ) — 627KB
- shbi-20240528.xsd (EX-101.SCH) — 2KB
- shbi-20240528_lab.xml (EX-101.LAB) — 21KB
- shbi-20240528_pre.xml (EX-101.PRE) — 12KB
- shbi-20240528_htm.xml (XML) — 3KB
01. Other Events
Item 4.01. Other Events. On May 22, 2024, the Audit Committee of the Board of Directors (the "Audit Committee") of Shore Bancshares, Inc. (the "Company") approved the appointment of Crowe LLP ("Crowe") as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024, subject to completion of Crowe's standard client acceptance procedures and execution of an engagement letter, and dismissed Yount, Hyde & Barbour, P.C. ("YHB"), as the Company's independent registered public accounting firm. During the years ended December 31, 2023 and 2022 and the interim period from December 31, 2023 through May 21, 2024, neither the Company nor anyone acting on the Company's behalf consulted Crowe regarding (i) 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 financial statements, or (ii) any matter that was either the subject of a disagreement as defined in Item 304(a)(1)(iv) of the SEC's Regulation S-K or a "reportable event" described in Item 304(a)(1)(v) of the SEC's Regulation S-K. The reports of YHB on the Company's consolidated financial statements as of and for the years ended December 31, 2023 and 2022 did not contain any adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles, except that YHB's report on the Company's internal control over financial reporting as of December 31, 2023 contained an adverse opinion on the effectiveness of the Company's internal control over financial reporting due to material weaknesses. During the years ended December 31, 2023 and 2022 and the interim period from December 31, 2023 through May 21, 2024, there have been no disagreements with YHB on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the sat
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. The exhibits filed or furnished with this report are listed in the Exhibit Index. Exhibit Number Description 16.1 Letter dated May 28, 2024 from Yount, Hyde & Barbour, P.C. (filed herewith) 104 Cover Page Interactive Data File (embedded within the inline XBRL document) 2
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. SHORE BANCSHARES, INC. Dated: May 28, 2024 By: /s/ James M. Burke James M. Burke President and Chief Executive Officer 3