8-K: Byline Bancorp Appoints Baker Tilly as New Independent Auditor Following Moss Adams Merger
Changes in Certifying Accountant
Byline Bancorp, Inc. announced the appointment of Baker Tilly US, LLP as its new independent registered public accounting firm, succeeding Moss Adams LLP following its merger with Baker Tilly.
Summary
- Byline Bancorp, Inc. (the "Company") was notified on June 16, 2025, that its independent registered public accounting firm, Moss Adams LLP, merged with Baker Tilly US, LLP, effective June 3, 2025.
- As a result of the merger, Moss Adams LLP resigned as the Company's auditors.
- The Audit Committee of Byline Bancorp's Board of Directors approved the appointment of Baker Tilly US, LLP as the successor independent registered public accounting firm on June 16, 2025.
- Audit reports issued by Moss Adams for the years ended December 31, 2024, and 2023, and on internal control over financial reporting as of December 31, 2024, did not contain any adverse opinions, disclaimers, or qualifications.
- There were no disagreements on accounting principles, financial statement disclosure, or auditing scope/procedure with Moss Adams during the years ended December 31, 2024, and 2023, or the subsequent interim period through June 16, 2025.
- The Company did not consult with Baker Tilly regarding accounting principles or audit opinions, nor were there any disagreements or reportable events, prior to their appointment.
Sentiment
Score: 6
Explanation: The sentiment is neutral to slightly positive. While an auditor change can sometimes signal issues, in this case, it's due to a merger and explicitly states no disagreements or reportable events, indicating a smooth and non-contentious transition, which is a positive sign for corporate governance and financial transparency.
Positives
- The transition of the independent registered public accounting firm from Moss Adams LLP to Baker Tilly US, LLP occurred smoothly due to a merger, indicating a non-contentious change.
- Moss Adams' audit reports for 2023 and 2024, and on internal control for 2024, were unqualified, with no adverse opinions or disclaimers, suggesting sound financial reporting practices prior to the change.
- There were no disagreements on accounting principles, financial statement disclosure, or auditing scope/procedure with Moss Adams, nor any reportable events, indicating a clean audit history with the outgoing firm.
Risks
- While the transition appears smooth, any change in independent auditors inherently carries a minor risk of disruption to audit processes or institutional knowledge transfer, though this is mitigated by the merger context.
Future Outlook
The document does not contain any forward-looking statements or guidance regarding the Company's financial performance or strategic direction.
Management Comments
- Roberto R. Herencia, Executive Chairman and CEO, signed the Form 8-K, indicating management's formal acknowledgment and filing of the auditor change.
Industry Context
The change in Byline Bancorp's independent auditor is a direct result of a merger between two significant accounting firms, Moss Adams LLP and Baker Tilly US, LLP. Such consolidations are a common trend within the professional services industry, particularly among accounting and consulting firms, driven by desires for increased scale, broader service offerings, and competitive advantage. This specific event reflects the broader industry's dynamic landscape of mergers and acquisitions.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Auditor Appointment | The Audit Committee of Byline Bancorp's Board of Directors approved the appointment of Baker Tilly US, LLP as the new independent registered public accounting firm, succeeding Moss Adams LLP. | 2025-06-16 | Ensures continuity of independent audit oversight and compliance with regulatory requirements following the merger of the previous auditing firm. |
Stakeholder Impact
- Shareholders: The change in auditor due to a merger, without any reported disagreements or issues, provides assurance of continued independent oversight of financial reporting, maintaining transparency and investor confidence.
- Employees: No direct impact on employees of Byline Bancorp is indicated by this filing.
- Customers/Suppliers/Creditors: No direct impact on these stakeholders is indicated by this filing.
Key Dates
| Date | Description |
|---|---|
| 2023-12-31 | End of fiscal year for which Moss Adams issued an unqualified audit report on Byline Bancorp's consolidated financial statements. |
| 2024-12-31 | End of fiscal year for which Moss Adams issued an unqualified audit report on Byline Bancorp's consolidated financial statements and internal control over financial reporting. |
| 2025-06-03 | Effective date of the merger between Moss Adams LLP and Baker Tilly US, LLP. |
| 2025-06-16 | Date Byline Bancorp, Inc. was notified of the Moss Adams merger and the date the Audit Committee approved the appointment of Baker Tilly US, LLP as the new independent registered public accounting firm. |
| 2025-06-17 | Date Moss Adams LLP issued a letter to the SEC agreeing with Byline Bancorp's statements in the Form 8-K. |
| 2025-06-18 | Date Byline Bancorp, Inc. filed the Current Report on Form 8-K with the SEC. |
Keywords
Byline Bancorp, BY, SEC filing, 8-K, auditor change, independent accountant, Moss Adams, Baker Tilly, financial reporting, corporate governance, public accounting firm, audit committee
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