8-K: FS Bancorp Announces Auditor Change to Baker Tilly Following Moss Adams Merger
Change in Certifying Accountant
FS Bancorp, Inc. 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
- FS Bancorp, Inc. (the "Company") was notified on June 3, 2025, that its independent registered public accounting firm, Moss Adams LLP ("Moss Adams"), merged with Baker Tilly US, LLP, effective the same day.
- The combined audit practices will operate under the name Baker Tilly US, LLP ("Baker Tilly").
- In connection with the merger, Moss Adams resigned as the Company's auditors.
- The Audit Committee of FS Bancorp's Board of Directors approved the appointment of Baker Tilly as the successor independent registered public accounting firm.
- Audit reports issued by Moss Adams for the years ended December 31, 2024, and 2023, and for each of the three years in the period ended December 31, 2024, including internal control over financial reporting as of December 31, 2024, did not contain any adverse opinions, disclaimers, qualifications, or modifications regarding uncertainty, audit scope, or accounting principles.
- There were no disagreements with Moss Adams on any accounting principles, financial statement disclosure, or auditing scope/procedure matters 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 application or audit opinions prior to their appointment.
- Moss Adams confirmed its agreement with the statements made by FS Bancorp in the Form 8-K regarding the change in accountants.
Sentiment
Score: 7
Explanation: The sentiment is positive because the change in auditor is due to a merger of the accounting firms, not due to any disagreements or issues with FS Bancorp's financial reporting. The document explicitly states that Moss Adams' audit reports were unqualified and there were no reportable events or disagreements, indicating a clean and procedural transition.
Positives
- The change in auditor is a result of a merger between accounting firms, not due to any disagreements or issues with FS Bancorp's financial reporting or internal controls.
- Moss Adams' audit reports for 2023 and 2024 were unqualified, indicating clean financial statements and effective internal controls.
- There were no disagreements on accounting principles or practices, financial statement disclosure, or auditing scope or procedure with Moss Adams.
- No reportable events were identified, suggesting a smooth transition and no underlying issues with the Company's financial practices.
Future Outlook
The document does not provide any forward-looking statements or guidance regarding the company's financial performance or strategic direction, focusing solely on the change in its independent registered public accounting firm.
Management Comments
- The Audit Committee of the Company's Board of Directors approved the appointment of Baker Tilly as the successor to Moss Adams, as the Company's independent registered public accounting firm.
Industry Context
The merger of Moss Adams LLP with Baker Tilly US, LLP reflects a broader trend of consolidation within the accounting and professional services industry, driven by factors such as increased regulatory complexity, demand for specialized services, and the pursuit of economies of scale. Such mergers often lead to changes in auditor for client companies, as the combined entity takes over engagements.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Auditor Appointment | The Audit Committee of the Company's Board of Directors approved the appointment of Baker Tilly US, LLP as the new independent registered public accounting firm. | 2025-06-03 | Ensures continuity of independent audit services following the merger of the previous auditor, maintaining corporate governance standards related to financial oversight. |
Stakeholder Impact
- Shareholders: Minimal direct impact, as the change is procedural and not indicative of financial issues. Ensures continued independent oversight of financial statements.
- 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 FS Bancorp's independent registered public accounting firm for future audits.
Key Dates
| Date | Description |
|---|---|
| 2023-12-31 | End of fiscal year for which Moss Adams issued audit reports. |
| 2024-12-31 | End of fiscal year for which Moss Adams issued audit reports and reported on internal control over financial reporting. |
| 2025-06-03 | Date FS Bancorp was notified of the merger between Moss Adams LLP and Baker Tilly US, LLP; effective date of the merger; date Moss Adams resigned as auditors; date the Audit Committee approved Baker Tilly's appointment; date of Moss Adams' letter to the SEC. |
| 2025-06-04 | Date the Current Report on Form 8-K was signed by FS Bancorp. |
Keywords
FS Bancorp, FSBW, SEC filing, Form 8-K, auditor change, independent registered public accounting firm, Moss Adams LLP, Baker Tilly US LLP, accounting firm merger, corporate governance, financial reporting, audit committee
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