Regional and community banks provide valuable services to our local economies. In recent years, slow economic recovery and regulatory reform have limited bank earnings.
Unlike our national competitors, we provide services to regional banks through a cost effective approach. Since we service banks throughout New England, we bring assurance, advisory, tax, and technology skills earned from years of experience. In addition to traditional assurance services, we help banks in a number of different ways including:
- New accounting rules related to loan loss accounting commonly referred to as CECL
- New accounting rules for marketable equity securities
- Insurance agency divestiture break-even analysis
- Pension plan termination accounting
- Call report treatment for new equity security accounting rules
- Accounting for split-dollar life insurance
- Allowance for loan loss model validation review
- FDICIA internal control requirements/efficiencies
Our proactive, collegial approach is why our clients think of us as an extension of their leadership team. As highly skilled CPAs, who have built our careers focused on the banking industry, we offer the knowledge base of a national firm coupled with the superior client service of a regional firm.
How We Can Help
In addition to providing assurance services to banks, we provide assurance services to a number of other financial services companies including broker-dealers, registered investment advisors, specialty lenders, private equity funds, and trust companies. Specific to banking, we also audit bank charitable foundations and benefit plans.
Our advisory services include a number of internal control related and accounting services. Some of our special services include: allowance for loan losses validation, merger accounting, internal control testing for Federal Deposit Insurance Corporation Improvement Act (FDICIA) compliance and Sarbanes Section 404, and year-one services related to FDICIA/Sarbanes Section 404 implementation.
We have a full service tax department that has specialists in bank taxation. These individuals prepare tax returns, prepare/review tax accrual calculations, and provide assistance with quarterly tax estimated payments. We also offer outsourced tax department services to our non-audit clients.
We have an information technology (IT) consulting group that provides IT related services to banks. We offer a number of IT security services including IT risk assessment reviews which focus on general IT controls including administration of user access, change controls over business systems and backups and recovery to assure reliability, integrity, and availability of data. We also perform IT general controls reviews, Gramm-Leach Bliley Act (GLBA) compliance reviews, cybersecurity assessments and SOC 1 and SOC 2 audits.
Whittlesey partners, managers and associates have been very responsive to our questions and meeting our needs. The firm keeps us up-to-date on new and changing issues. I have been very happy with the services relating to financial reporting and tax related issues facing the bank.- Heather Hackley, EVP and Chief Financial and Risk Officer at Guilford Savings Bank
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