Hills Bancorporation Changes Auditor Amidst Ongoing Material Weaknesses in Internal Controls

summarizeSummary

Hills Bancorporation changed its independent auditor to Crowe LLP after a competitive process, but disclosed ongoing material weaknesses in internal controls over financial reporting.

check_boxKey Events

• Auditor Change Announced

  Hills Bancorporation's Audit Committee dismissed Forvis Mazars, LLP and engaged Crowe LLP as the new independent registered public accounting firm for the fiscal year ending December 31, 2026, following a competitive selection process.

• Material Weaknesses Persist

  The company disclosed ongoing material weaknesses in internal control over financial reporting, specifically concerning period-end financial reporting, manual journal entry controls, and related party transaction identification and disclosure.

• No Disagreements with Former Auditor

  The company confirmed there were no disagreements with Forvis Mazars, LLP on accounting principles, practices, or audit scope, and the former auditor's reports for 2023 and 2024 were unqualified.

auto_awesomeAnalysis

Hills Bancorporation has appointed Crowe LLP as its new independent registered public accounting firm, replacing Forvis Mazars, LLP, following a competitive review process. While the company reported no disagreements with the outgoing auditor, the filing explicitly notes the persistence of material weaknesses in internal control over financial reporting. These weaknesses relate to period-end financial reporting, segregation of duties for manual journal entries, and disclosure of related party transactions. The new auditor will be responsible for assessing and reporting on these control deficiencies, which could impact investor confidence in the company's financial reporting integrity.