Our
Services for Banks and Thrifts
Opinion Audits- Full Scope or
Balance Sheet Only
The Bank Board can engage Helin & Donovan, LLC to perform an opinion audit on the financial statements. Under FDICIA, federally insured banks and thrifts with over $150 million or more in assets typically must have an opinion audit.
Directors’ Exams
The Directors’ Exams are designed to perform an in-depth review of the
financial condition of banks/thrifts. Our annual review includes a list of
minimum prescribed procedures that must be performed annually. These reviews
comply with the FDIC’s or OTS regulations as well as SAS No. 75. One of our principals has over 18 years
experience in performing financial services industry audits and accounting,
including significant experience with Banks and Thrifts.
Internal Audit Program
The internal audit "outsource" program is an in-depth review of
operations and internal controls is a cost-effective alternative to hiring a
full-time internal auditor and is specifically tailored to meet the needs of
Banks.
Tax Compliance and Planning
Our firm can provide tax return preparation, tax return reviews, tax planning and consulting, and state and local tax compliance services for Banks and their subsidiaries. One of our principals has over 13 years of experience in taxation.
Mergers and Acquisition
Consulting and Due Diligence
Our firm can assist your Bank in evaluating merger candidates by providing financial projections, performing due diligence, evaluating possible cost savings, and providing tax planning and analysis. Tom Donovan has provided such assistance on over 30 Bank transactions.
Investments Advisory Services
Our principals have significant
experience in evaluating, reporting on, or advising our clients with respect to
investments, investment policy and procedures, Asset Liability Management, and
investment products. One principal has
passed the Series 65 exam and the other has passed the Series 7 registered
securities representative exam.
ACH Audits
We can perform the annual ACH Audit for your Bank.
Loan Reviews
We can provide an analysis over the adequacy of allowance for possible loan losses, evaluate compliance with the Bank’s underwriting requirements, evaluate the effectiveness of the Bank’s loan policies, and perform analysis of loan product profitability.
Compliance Attestation Report
Regarding Federal Student Loan Programs
Financial institutions that originate or hold more than $5 million in loans under one or more of the Federal Family Education Loan programs in any fiscal year must have compliance attestation engagements.
Attestation Report- Internal
Controls or Laws and Regulations
The engagement will report on management’s written assertion about either (a) an entity’s compliance with requirements of specified laws, regulations, rules, contracts, or grants (specified requirements) or (b) the effectiveness of an entity’s internal control over compliance with specified requirements. Required for Banks with $500 million in assets.
Performance Improvement and
Profitability
We can perform an analysis of the Bank’s operations or components thereof and perform benchmarking, peer comparisons, activity based costing analysis, target pricing, margin analysis, and other procedures to evaluate and improve performance and profitability of the Bank.
Agreed Upon Procedures Reports
We will provide engagements to perform procedures agreed to by the
Supervisory Committee or Board that can cover a wide range of issues facing
Banks including fraud detection, expenses, reconciliations, regulatory
compliance, account verification, and other procedures.
The Board of Director’s is responsible for insuring that management of the Bank meet all required financial reporting objectives and maintain internal control practices and procedures sufficient to safeguard the Bank’s assets. To fulfill this responsibility, the Board must determine whether:
a. Internal controls are established and effectively maintained.
b. The Bank’s accounting records and financial reports are promptly prepared and accurately reflect the results of operations.
c. The plans, policies and control procedures established by the board are properly administered and conducted throughout the Bank.
d. Established policies and control procedures are sufficient to adequately safeguard against error, conflict of interest, self-dealing and fraud.
Additionally, the Board must carry out its responsibilities by ensuring that the Bank obtains an annual audit and performs verification of loan and depositors’ accounts.
Our firm has the services and resources to assist Banks of all sizes meet these responsibilities.