Banking & Financial Services

We recognize that the banking and financial services industry often demands more than traditional accounting services.  Our professionals have significant experience working with clients, helping to find needs-based solutions to the unique challenges they face including regulatory and tax complications, especially in difficult economic times. BNN understands the changing needs of the banking and financial services industry.  We’ve worked with a wide range of clients, including commercial and savings banks, credit unions, trust companies, non-depository trust companies, broker-dealers and registered investment advisors.

We have recently helped our financial industry clients with the following:

• Implementing new accounting standards;
• Assisting with other accounting issues, such as investment impairment;
• Dealing with issues raised in regulatory examinations;
• Working with clients to investigate embezzlements;
• Calling regulators on a ‘no-name’ basis to discuss proposed accounting treatments;
• Helping with acquisition of branches, entire financial institutions or other acquisitions such as insurance agencies ranging from informal engagements with respect to specific accounting, tax or operational matters to full-scale due diligence engagements with formal reporting;
• Analyzing of capital loss and charitable contribution carry-forwards;
• Establishing private foundations;
• Performing cost segregation studies to maximize depreciation for construction renovation;
• Technology related assistance, such as general controls reviews;
• Providing accounting/tax guidance to clients with terminated defined benefit pension plans; and,
• Assistance with limited partnership investments.

Through our affiliate memberships, we are active supporters of the Maine, Massachusetts, New Hampshire and Vermont Bankers Associations.  We always attend their annual conventions and other meetings during the year and have been presenters at these meetings.  We frequently support these events through sponsorship as well.  In addition, our employees attend the annual AICPA Banking Conference and the FDIC’s Annual Regulator – CPA Roundtable.  This gives us an inside view of trends and allows us to develop rapport with banking and other regulators.

Other audit firms were falling short of what they should have been doing to provide assurance against fraud and internal control weaknesses…in contrast, BNN proved to be ahead of the curve.

– Hedge Fund Managing Member

Related Resources   (Read More in Our Library)

• Allowance for Credit Losses
• Accounting Changes Coming in 2012
• Accounting and Regulatory Hot Topics for Banks & Financial Institutions

Lead Contact

Denise R. Taaffe

Principal

Denise is one of the founders of Baker Newman Noyes, having previously been with KPMG since 1978.  She is a Principal of the firm and Director of Audit Services.

Team Members