Rhinebeck Bancorp, I

RBKB
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RHINEBECK BANCORP, INC. : Changes in Registrant's Certifying Accountant (form 8-K)

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10/10/2019 | 11:22 pm

Item 4.01Change in Registrant's Certifying Accountant.

(a) Dismissal of Independent Registered Public Accounting Firm.

On October 7, 2019, Rhinebeck Bancorp, Inc. (the "Company") was notified that Baker Tilly Virchow Krause LLP, the Company's independent registered public accounting firm, had resigned.

The audit reports of Baker Tilly Virchow Krause LLP on the consolidated financial statements of the Company as of and for each of the two most recent fiscal years ended December 31, 2018 and December 31, 2017 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

During the Company's two most recent fiscal years ended December 31, 2018 and December 31, 2017 and during the subsequent interim period from January 1, 2019 through June 30, 2019, there were (i) no disagreements with Baker Tilly Virchow Krause LLP on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures that, if not resolved to Baker Tilly Virchow Krause LLP's satisfaction, would have caused Baker Tilly Virchow Krause LLP to make reference to the subject matter of the disagreement in connection with its reports, and (ii) no "reportable events" as defined in Item 304(a)(1)(v) of Regulation S-K of the Securities and Exchange Commission (the "SEC").

Before filing this Current Report on Form 8-K with the SEC, the Company provided Baker Tilly Virchow Krause LLP with a copy of the disclosures contained in this Item 4.01(a). The Company has requested that Baker Tilly Virchow Krause LLP issue a letter, addressed to the SEC, stating whether or not Baker Tilly Virchow Krause LLP agrees with the statements contained in this Item 4.01(a). A copy of Baker Tilly Virchow Krause LLP's letter dated October 10, 2019, addressed to the SEC, is filed as Exhibit 16.1 to this Current Report on Form 8-K.

(b) Engagement of New Independent Registered Public Accounting Firm.

On October 8, 2019, the Audit Committee of the Board of Directors of the Company engaged Wolf & Company, P.C. as the Company's independent registered public accounting firm for the year ending December 31, 2019.

During the two most recent fiscal years ended December 31, 2018 and December 31, 2017 and during the subsequent interim period from January 1, 2019 through June 30, 2019, neither the Company nor anyone acting on its behalf consulted with Wolf & Company, P.C. on (i) any matters regarding the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered with respect to the Company's consolidated financial statements, and no written report or oral advice was provided to the Company that Wolf & Company, P.C. concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue, or (ii) any matter that was the subject of any disagreement (as described in Item 304(a)(1)(iv) of Regulation S-K and the related instructions thereto) or a reportable event (as defined in Item 304(a)(1)(v) of Regulation S-K).

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