Financial Services with a Perspective on Growth and Quality Banks are facing intense competition, increased government regulation, changing customer expectations and unprecedented economic challenges. As the operating environment becomes increasingly complex, banks must focus more than ever on the key drivers of growth and profitability. Cherry Bekaert’s dedicated banking industry professionals serve as a valuable resource, assisting you in navigating the complexities of the regulatory and operating environments. Our experience advising clients regarding accounting and tax issues, as well as complex transactions will enable you to reach your growth potential. Financial Services Industry
Transcript
Financial Services with a Perspective
on Growth and Quality
Banks are facing intense competition, increased government regulation, changing customer expectations and unprecedented economic challenges. As the operating environment becomes increasingly complex, banks must focus more than ever on the key drivers of growth and profitability.
Cherry Bekaert’s dedicated banking industry professionals serve as a valuable resource, assisting you in navigating the complexities of the regulatory and operating environments. Our experience advising clients regarding accounting and tax issues, as well as complex transactions will enable you to reach your growth potential.
Financial Services Industry
Value-Driven Solutions In today’s constantly changing regulatory environment, you require an experienced and proactive independent advisor to help you develop the right solutions to not only meet your compliance needs, but to efficiently and effectively address the risks that you face. Cherry Bekaert’s Financial Services Group is comprised of a core group of experienced bank professionals who have dedicated their careers to providing responsive, strategic and valuable, risk-based accounting and advisory solutions to financial institutions.
Our Financial Services Group currently provides solutions to more than 200 clients and has served banks ranging in size from de novo status to over $30 billion in assets. The services offered by this dedicated industry group include:
Audit and assurance
SEC reporting, registration and compliance
Internal audit
Tax planning & compliance
Mergers and acquisition consulting services, including FDIC-assisted transactions
Enterprise risk management
Internal controls testing for SOX compliance and FDICIA purposes
Regulatory compliance
ALLL model validation
SSAE 16 reporting
Tax provision (ASC 740) including turn-key tax outsourcing
External Audit Our holistic approach to the external audit is designed to provide value and solutions beyond simply complying with the requirement that your financial statements be audited each year. We strive to develop recommendations and observations during the audit which can help you to operate more efficiently and effectively through the conveyance of industry best practices, as well as a critical assessment of the risks you face and your processes and controls to address those risks. Our goal is to provide exceptional client service and build mutually beneficial long-term relationships. To achieve this goal, we have assembled a unique group of seasoned banking professionals in multiple disciplines whose audit approach include the following hallmarks:
` Collaboration and communication throughout the audit process
` Utilization of personnel with significant experience in the financial institution industry
` Utilization of risk-based audit methodology that focuses on banking and operational areas that provide the greatest risk or exposure to the bank
` Significant use of technology in the audit process
Internal Audit Whether or not your institution has an existing internal audit department, Cherry Bekaert can assist you in developing and executing a risk focused internal audit plan specifically tailored to your institution. In the dynamic landscape of the regulatory and business environment, our Firm stands positioned to provide quality and objective financial, operational and special project internal audit services designed to address the risks that are most significant to your organization.
As your internal audit team and partner, we can provide a number of services, including:
` Entity-wide risk assessments and development of risk based audit plans and programs
` Financial, operational and special project audit services
` Assess the functional and organizational structure for the internal audit department
` Review and assess internal controls, policies and procedures
` Review process, information systems and re-engineering efforts
` Assist with regulatory compliance, fraud risk assessment and internal reviews where fraud is suspected
SEC Registrants In today’s highly-regulated reporting environment, public companies face greater scrutiny than ever before. Decision makers need audit, tax and advisory advice and guidance they can trust, as changing reporting requirements continue to focus on the responsibilities of corporate management and audit committees.
Cherry Bekaert’s SEC Compliance Services professionals help existing and aspiring public companies negotiate the maze of assurance, regulatory and transactional demands. Registered with the Public Company Accounting Oversight Board, we combine specialized expertise with emphasis on timeliness and quality. Whether your company is a “large accelerated filer” or a “smaller reporting company,” we can guide you through the reporting requirements to which you are subject.
Tax Planning & Compliance We guide our clients through a maze of tax laws, regulations and rulings. In addition to our main goal of helping clients stay compliant, we also have an intense focus on helping them grow. Our Tax advisory service includes such benefits as:
Tax Preparation & Compliance — Ensuring that estimates and filings are timely, complete and accurate
Audit Representation — Resolving tax notices, addressing tax audits and appealing positions with federal, state and local tax authorities
Tax Law Changes — Keeping you abreast of all the latest relevant changes in legislation
Transactions — Advising you regarding the tax consequences and impact on your financial statements from contemplated financial transactions
Guiding Our Clients ForwardCherry Bekaert views relationships with our clients as a long-term commitment to your success. Our goal is to deliver exceptional professional services, to exceed your expectations, and to be viewed as a valuable business partner. We strive to continually demonstrate this commitment through:
`Effective, cost-efficient professional services specifically designed for your bank
`Proactive, responsive professionals who understand and are experienced with the challenges facing the banking industry
`Risk-based audit approach that focuses our efforts on those areas having the greatest risk exposure, thereby providing you with more value from the audit process
`Sharing of industry best practices
`Ongoing and proactive communication designed to avoid surprises
Case Study
How Cherry Bekaert Helped BNC Bancorp Navigate Through Complex Rapid-Growth ChallengesScenario BNC Bancorp, the 5th largest bank headquartered in North Carolina, has had an aggressive growth strategy within North and South Carolina over the past few years. BNC has grown from approximately $1.6 billion in total assets to an estimated $3 billion at the end of 2012. BNC discovered that with rapid expansion came additional complexities and capital needs, as well as endorsement from its regulators.
Cherry Bekaert’s Guidance From BNC Bancorp: As a trusted business advisor and resource for us through the last several years of rapid growth, Cherry Bekaert has assisted our management team at BNC Bancorp to address acquisition accounting issues around fair value and Day 1 accounting, including the additional accounting complexities associated with FDIC-assisted transactions. Cherry Bekaert assisted us with accounting issues associated with acquired loan portfolios and other
intangible assets acquired in business combinations. The Cherry Bekaert team has been very fluid and extremely responsive to our needs, oftentimes on very short notice. The timeliness and quality of their responses has allowed us to meet the extensive financial reporting requirements that have resulted from our acquisitions.
Result From BNC Bancorp: The partnership that we have with Cherry Bekaert has been very beneficial to us as we routinely consult with them regarding accounting and industry issues. Given the number of moving parts necessary to successfully complete an acquisition, it is a comfort knowing that Cherry Bekaert is always there to assist us when we need them with quality advice and guidance.
Helping Advance Our Clients’ Potential Cherry Bekaert serves as a strategic
partner to myriad financial services
companies throughout the Southeast.
Through our specialized Financial Services
Group, we proactively and cost-effectively
deliver value-added solutions designed to
help our financial services clients reach
their full potential.
Cherry Bekaert: CPAs & Advisors with Your Growth in Mind At Cherry Bekaert LLP, we’ve designed our practice with one thing in mind: cultivating client growth. As a nationally recognized, growth-oriented firm, we have the resources to take your business as far as you want to go. Our industry specialists already know your marketplace, so we can help you make the most of emerging opportunities while minimizing compliance headaches. With our down-to-earth style and wealth of practical advice, you will find us an indispensable part of your team.
Guiding Our Clients Forward Ranked among the largest accounting firms in the country, Cherry Bekaert specializes in offering solutions that impact our clients’ ability to grow. For over 65 years, global corporations, private businesses, government entities, nonprofits, emerging firms and successful individuals have relied on Cherry Bekaert as their growth partner.
