Broadway Financial Corporation Appoints Crowe LLP as Independent Registered Public Accounting Firm

On December 18, 2024, the Audit Committee of Broadway Financial Corporation (NASDAQ: BYFC) announced the approval of Crowe LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025. This appointment is subject to Crowe’s standard client acceptance procedures and the execution of an engagement letter. At the same time, Moss Adams LLP has been dismissed from its role as the independent registered public accounting firm, effective upon the issuance of its audit report on the company’s financial statements for the fiscal year ending December 31, 2024.

During the years ended December 31, 2023, and 2022, as well as the interim period from December 31, 2023, through December 18, 2024, the Company did not have any consulting engagement with Crowe regarding specific accounting transactions or the type of audit opinion to be rendered. There were no disagreements or reportable events with either Crowe or Moss Adams during these periods.

The reports issued by Moss Adams on the Company’s consolidated financial statements for the mentioned years did not contain any adverse opinions or disclaimers of opinion. Additionally, there were no disagreements with Moss Adams on accounting principles, practices, financial disclosures, or audit scope during the same periods.

Broadway Financial Corporation noted that there were no “reportable events” other than previously reported material weaknesses in internal control over financial reporting, which were disclosed in the Company’s prior 10-K and subsequent 10-Q quarterly reports.

The Audit Committee engaged in discussions with Moss Adams regarding the identified material weaknesses in internal controls and their remediation. Moss Adams has been authorized to respond to inquiries from the Company’s successor accountant concerning these material weaknesses.

In connection with the appointment of Crowe, Broadway Financial Corporation provided Moss Adams a copy of the related disclosures and requested a response letter to the SEC affirming agreement with the disclosures. Moss Adams’ response letter, dated December 23, 2024, has been filed as Exhibit 16.1 to the Form 8-K.

This report is pursuant to Item 4.01 of Form 8-K and also includes the filing of Exhibit 16.1 which includes the letter from Moss Adams dated December 23, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Broadway Financial’s 8K filing here.

Broadway Financial Company Profile

Broadway Financial Corporation operates as the holding company for City First Bank, National Association that provides various banking products and services in the United States. It accepts various deposit accounts, including savings accounts, checking accounts, interest checking accounts, money market accounts, and fixed-term certificates of deposit.