Item 4.01 Change in Registrant's Certifying Accountant
On September 10, 2020, after the recommendation and approval of the Audit
Committee of the Board of Directors of Consumers Bancorp, Inc. (the "Company"),
the Board of Directors approved the engagement of Plante & Moran, PLLC (PM) as
the Company's independent registered public accounting firm for the fiscal year
ending June 30, 2021. The approval to engage PM resulted from a competitive
request for proposal process undertaken by the Audit Committee pursuant to which
the Audit Committee received proposals from PM, Crowe LLP (Crowe) and one other
independent registered public accounting firm. The engagement of PM will be
effective upon PM's completion of its standard client acceptance procedures and
execution of an engagement letter.
During the Company's fiscal years ended June 30, 2018 and 2019, and the
subsequent interim period from July 1, 2019 through September 10, 2020, neither
the Company nor anyone on its behalf consulted with PM regarding either (i) the
application of accounting principles to a specified transaction, either
completed or proposed, or the type of audit opinion that might be rendered on
the Company's consolidated financial statements, and neither a written report
nor oral advice was provided that PM 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 either the subject of
a "disagreement" or a "reportable event," as those terms are defined in Item 304
of Regulation S-K and the related instructions.
On September 10, 2020, the Company notified Crowe that it has been dismissed as
the Company's independent registered public accounting firm effective as of the
completion of the audit of the Company's consolidated financial statements for
the fiscal year ending June 30, 2020. Crowe has served as the Company's
independent public accounting firm since 1998. Crowe will continue to serve as
the Company's independent public accounting firm until the completion of the
audit of the Company's consolidated financial statements for the fiscal year
ending June 30, 2020.
Crowe's reports on the Company's consolidated financial statements for each of
the fiscal years ended June 30, 2018 and 2019 did not contain any adverse
opinion or disclaimer of opinion, nor were such reports qualified or modified as
to uncertainty, audit scope, or accounting principles. During the Company's
fiscal years ended June 30, 2018 and 2019, and the subsequent interim period
from July 1, 2019 through September 10, 2020, (i) there were no disagreements
between the Company and Crowe on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or procedure, which
disagreements, if not resolved to the satisfaction of Crowe, would have caused
Crowe to make reference to the subject matter of the disagreements in its report
on the consolidated financial statements for such years, and (ii) there were no
"reportable events" as that term is defined in Item 304 of Regulation S-K. The
Company will file a timely amendment to this Current Report on Form 8-K upon
completion of the audit of the Company's financial statements for the fiscal
year ended June 30, 2020.
The Company has provided Crowe with a copy of this Current Report on Form 8-K
and has requested a letter from Crowe addressed to the Securities and Exchange
Commission stating whether Crowe agrees with the statements set forth above
related to Crowe. The Company will file such letter once it is received by a
timely amendment of this Current Report on Form 8-K.
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