Item 4.01.Changes in Registrant's Certifying Accountant.
(a) On May 31, 2022, Malvern Bancorp, Inc. (the "Company") dismissed Baker Tilly
US, LLP ("BT") as its independent registered public accounting firm. The
dismissal of BT was approved by the Audit Committee of the Board of Directors of
the Company. The audit reports of BT on the consolidated financial statements of
the Company as of and for the fiscal years ended September 30, 2021 and
September 30, 2020 contained no adverse opinion or disclaimer of opinion and
were not qualified or modified as to audit scope or accounting principle.
During the Company's fiscal years ended September 30, 2021 and September 30,
2020 and through May 31, 2022, there were no: (i) disagreements with BT 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 BT would have caused BT to make reference thereto in its reports
on the financial statements of the Company for such years, or (ii) reportable
events, as described under Item 304(a)(1)(v) of Regulation S-K, other than
material weaknesses in the Company's internal control over financial reporting
disclosed by the Company in its Annual Report on Form 10-K for the fiscal year
ended September 30, 2020, which material weaknesses were subsequently remedied
by the Company.
The Company provided BT with a copy of the disclosure it is making in this
Current Report on Form 8-K and requested from BT a letter addressed to the
Securities and Exchange Commission indicating whether it agrees with such
disclosures. A copy of BT's letter dated June 2, 2022 is attached hereto as
Exhibit 16.1.
(b) The Audit Committee of the Board of Directors of the Company recently
completed a competitive process to determine what audit firm would serve as the
Company's independent registered public accounting firm for the fiscal year
ending September 30, 2022. On May 31, 2022, the Company engaged Wolf & Company,
P.C. ("Wolf") as auditors for the Company, effective immediately. The engagement
of Wolf was approved by the Audit Committee of the Board of Directors of the
Company.
During the fiscal years ended September 30, 2021 and September 30, 2020 and
through May 31, 2022, neither the Company nor anyone on the Company's behalf
consulted Wolf regarding any of the matters referred to in Item 304(a)(2)(i) or
(ii) of Regulation S-K.
Item 9.01Financial Statements and Exhibits
(d) Exhibits
Exhibit No. Description
16.1 Letter of Baker Tilly US, LLP to the Securities and Exchange Commission
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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