Item 4.01 Changes in Registrant's Certifying Accountant
The Board of Directors of Peoples Financial Corporation (the "Company"), through
its Audit Committee (the "Audit Committee") conducted a competitive process to
determine the Company's independent registered public accounting firm commencing
with the Company's fiscal year ending December 31, 2023. The Audit Committee
invited several independent registered public accounting firms to participate in
this process.
Following review of proposals from the independent registered public accounting
firms that participated in the process, on September 28, 2022, upon
recommendation from the Audit Committee, the Board of Directors of the Company
approved the engagement of Postlethwaite & Netterville ("P&N") as the Company's
independent registered public accounting firm for the Company's fiscal year
ending December 31, 2023, subject to the completion of P&N's standard client
acceptance procedures and execution of an engagement letter. Wipfli, LLP
("Wipfli"), the Company's current independent registered public accounting firm,
will continue as the Company's independent registered public accounting firm for
the year ending December 31, 2022.
Wipfli's reports on the Company's consolidated financial statements as of and
for the fiscal years ended December 31, 2020 and 2021 did not contain any
adverse opinion or disclaimer of opinion, nor were they qualified or modified as
to uncertainty, audit scope, or accounting principles.
During the fiscal years ended December 31, 2020 and 2021, and the subsequent
interim period through September 28, 2022, there were: (i) no disagreements
within the meaning of Item 304(a)(1)(iv) of Regulation S-K and the related
instructions between the Company and Wipfli on any matters of accounting
principles or practices, financial statement disclosure, or auditing scope or
procedure which, if not resolved to Wipfli's satisfaction, would have caused
Wipfli to make reference thereto in their reports; and (ii) no "reportable
events" within the meaning of Item 304(a)(1)(v) of Regulation S-K.
Before filing this Form 8-K with the Securities and Exchange Commission ("SEC"),
the Company provided Wipfli with a copy of the disclosures contained in this
Item 4.01, and the Company requested that Wipfli furnish a letter addressed to
the SEC stating whether or not it agrees with the above statements. A copy of
Wipfli's letter, dated October 03, 2022, is filed as Exhibit 16.1 to this Form
8-K.
During the fiscal years ended December 31, 2020 and 2021 and the subsequent
interim period through September 28, 2022, neither the Company nor anyone on its
behalf has consulted with P&N regarding: (i) the application of accounting
principles to a specific transaction, either completed or proposed, or the type
of audit opinion that might be rendered on the Company's financial statements,
and neither a written report nor oral advice was provided to the Company that
P&N concluded was an important factor considered by the Company in reaching a
decision as to any accounting, auditing, or financial reporting issue; (ii) any
matter that was the subject of a disagreement within the meaning of Item
304(a)(1)(iv) of Regulation S-K and the related instructions; or (iii) any
reportable event within the meaning of Item 304(a)(1)(v) of Regulation S-K.
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Item 9.01 Financial Statements and Exhibits
EXHIBIT
Exhibit Description
Exhibit 16.1 Letter from Wipfli LLP
104 Cover Page Interactive Data File (formatted as Inline XBRL)
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PEOPLES FINANCIAL CORPORATION 
