Item 4.01 Changes in Registrant's Certifying Accountant
Dismissal of Independent Registered Public Accounting Firm
On February 27, 2023, the Audit Committee of the Board of Directors (the "Audit
Committee") of Magyar Bancorp, Inc. (the "Company") recently conducted a
competitive selection process to determine the Company's independent registered
public accounting firm for the fiscal year ending September 30, 2023, and as a
result of this process, decided to dismiss RSM US LLP ("RSM") as the Company's
independent registered public accounting firm effective February 27, 2023.
The audit reports of RSM on the Company's consolidated financial statements as
of and for the years ended September 30, 2022 and 2021 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 years ended September 30, 2022 and 2021 and through February 27,
2023, there were (1) no disagreements with RSM on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope or
procedure, that, if not resolved to the satisfaction of RSM, would have caused
them to make reference to such disagreements in its report on the Company's
financial statements for such periods, and (2) no reportable events (as defined
in Item 304(a)(1)(v) of Regulation S-K).
The Company has provided RSM with a copy of this Current Report on Form 8-K and
requested that RSM furnish it with a letter addressed to the Securities and
Exchange Commission stating whether it agrees with the statements made by the
Company herein and, if not, stating the respects in which it does not agree. The
letter from RSM to the Securities and Exchange Commission dated February 27,
2023 is attached as Exhibit 16 hereto.
Appointment of New Independent Registered Public Accounting Firm
The Audit Committee has appointed S.R. Snodgrass, P.C., ("Snodgrass") to serve
as the Company's independent registered public accounting firm effective
February 28, 2023 contingent upon completion of Snodgrass' client acceptance
procedures. If Snodgrass does not accept retention as the Company's independent
registered public accounting firm, the Company will amend the Report. During the
two most recent fiscal years and through February 27, 2023, the Company did not
consult with Snodgrass 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 our financial statements, and neither
a written report was provided to us nor oral advice was provided that the
Snodgrass concluded was an important factor considered by the Company in
reaching a decision as to the accounting, auditing or financial reporting issue;
or (ii) any matter that was either the subject of disagreement (as defined in
Item 304(a)(1)(iv) of Regulation S-K and the related instructions) or a
reportable event (within the meaning of Item 304(a)(1)(v) of Regulation S-K).
Item 9.01 Financial Statements and Exhibits
(a) Financial Statements of businesses acquired. Not Applicable.
(b) Pro forma financial information. Not Applicable.
(c) Shell Company Transactions. Not Applicable
(d) Exhibits.
The following Exhibit is attached as part of this report:
16 Letter dated February 27, 2023 from RSM US, LLP to the Securities and
Exchange Commission.
© Edgar Online, source Glimpses
MAGYAR BANCORP, INC. 
