8-K: FinWise Bancorp Announces Auditor Change Following Moss Adams Merger with Baker Tilly

FinWise Bancorp has appointed Baker Tilly US, LLP as its new independent registered public accounting firm, succeeding Moss Adams LLP, due to a merger between Moss Adams and Baker Tilly.

Summary

• FinWise Bancorp (the "Company") was notified on June 3, 2025, that Moss Adams LLP, its independent registered public accounting firm, merged with Baker Tilly US, LLP, effective the same day.
• The combined audit practices will operate under the name Baker Tilly US, LLP.
• In connection with the merger, Moss Adams LLP resigned as the Company's auditors.
• The Audit Committee of FinWise Bancorp's Board of Directors approved the appointment of Baker Tilly US, LLP as the successor independent registered public accounting firm.
• Moss Adams' audit reports for the years ended December 31, 2024, and 2023, did not contain any adverse opinions, disclaimers, qualifications, or modifications.
• There were no disagreements with Moss Adams on accounting principles, financial statement disclosure, or auditing scope/procedure during the years ended December 31, 2024, and 2023, or the subsequent interim period through June 3, 2025.
• No reportable events requiring disclosure pursuant to Item 304(a)(1)(v) of Regulation S-K occurred during the specified periods.
• Neither the Company nor anyone on its behalf consulted with Baker Tilly regarding accounting principles or audit opinions prior to their appointment.
• Moss Adams LLP provided a letter to the SEC, dated June 3, 2025, agreeing with the statements made by FinWise Bancorp in the Form 8-K.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The auditor change is administrative due to a merger, not a dismissal for cause. The lack of disagreements or adverse opinions from the outgoing auditor indicates a clean transition, which is a positive sign for corporate governance and financial transparency.

Positives

• The transition of the auditing firm was a result of a merger between the previous auditor and the new one, indicating a smooth, non-contentious change rather than a dismissal due to performance issues.
• Moss Adams' audit reports for 2024 and 2023 were unqualified, with no adverse opinions, disclaimers, or modifications, suggesting sound financial reporting during their tenure.
• 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.

Future Outlook

The document primarily details an administrative change in the company's independent registered public accounting firm due to a merger, and does not provide forward-looking statements or guidance regarding the company's financial performance or strategic direction.

Management Comments

• Michael O'Brien, Corporate Secretary and Executive Vice President, signed the report on behalf of FinWise Bancorp.

Industry Context

This announcement reflects a common occurrence in the accounting industry where mergers and acquisitions among large accounting firms lead to changes in client relationships. The transition from Moss Adams to Baker Tilly is a direct consequence of such a merger, aligning with broader consolidation trends in professional services.

Corporate Governance

Stakeholder Impact

• Shareholders: Minimal direct impact as the change is administrative and appears seamless, maintaining audit continuity and financial reporting integrity.
• Employees: No direct impact mentioned.
• Customers: No direct impact mentioned.
• Suppliers: No direct impact mentioned.
• Creditors: No direct impact mentioned.

Next Steps

• Baker Tilly US, LLP will serve as FinWise Bancorp's independent registered public accounting firm for future audits.

Key Dates

Keywords

FinWise Bancorp, FINW, SEC filing, 8-K, auditor change, independent registered public accounting firm, Moss Adams LLP, Baker Tilly US LLP, merger, corporate governance, financial reporting