Company: NODK
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000546
Chunk: 11

Company: NI Holdings, Inc.
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 11
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 Mazars USA LLP and does not use Forvis Mazars, LLP for non -auditservices. Familiarity.The familiarity of an independent registered public accountant with an audit client can provide for efficiencies for both the independent registered public accounting firm and the Company. In addition to having a favorable impact on the level of fees, this familiarity can help to alleviate the level of disruption to Company staff caused by the audit. The Company has recently experienced a changing organizational structure, has taken on several business initiatives that stretch Company resources while providing opportunities to enhance shareholder value, and has made executive changes at the Chief Executive Officer and Chief Financial Officer positions. Changing independent registered public accounting firms would compound the disruption caused by these internal changes. Quality Control Reviews.Independent registered public accounting firms that perform audits of public companies are subject to oversight and inspection by the PCAOB. Certain results of the PCAOB inspections are made public and the Company will review these results with the independent registered public accountant. The last inspection for Forvis Mazars, LLP was the 2023 inspection of engagements generally for the year ended December 31, 2022. The 2023 inspection covered ten engagements, with nine of the engagements resulting in public findings and one resulting in a change in opinion on internal control over financial reporting. The Audit Committee has discussed these results with the Forvis Mazars, LLP engagement team. Forvis Mazars, LLP has assured the Audit Committee that it is taking the results of the inspections seriously. Forvis Mazars, LLP has discussed its planned remediation activities to address the issues identified and agreed to keep the Audit Committee apprised of its progress. Public accounting firms are also subject to peer reviews performed under the standards of the American Institute of Certified Public Accountants. The last peer review for the FORVIS, LLP firm was for the year ended May 31, 2023. The peer review resulted in a pass rating. The Audit Committee has considered the results of the PCAOB inspection and peer review discussed above and the responses of Forvis Mazars, LLP, and feels comfortable that Forvis Mazars, LLP will experience improved results in the future. The Audit Committee will continue to monitor this area. Fees.The Company has experienced reasonable levels of fee increases over the past several years, despite the pressures on the public accounting firms with respect to talent shortages and the related increase in starting salaries. Management and the Audit Committee feel comfortable that fees are reasonable. Independent Registered Public Accounting Firms’ Fees The following table presents fees for professional services rendered by Forvis Mazars