Accounting for Financial Services
More than Four Decades of Trusted Service & Expertise
Maggart has been serving financial institutions ranging in size and complexity across the Southeastern U.S. for more than 40 years, helping them navigate an ever-changing risk environment.
Quick Jump:
Financial Institutions
The banking industry is one of the most regulated and challenging industries. Whether helping you manage and mitigate regulatory risk, credit risk, strategic risk or other risks, Maggart will work with your management team to help you overcome the growing industry challenges. Through leveraging the personal relationships we’ve built over time and providing the industry-specialized expertise traditionally only found with larger firms, we create a quality client service experience.
Each bank’s strategic goals are different, so we believe in taking a practical approach and providing a tailor-made solution to fit your circumstances. Over time, your bank’s strategic goals and needs may change, and we are positioned to help you succeed in the current and future environment.
We provide customary audit and tax services to publicly traded and privately held community banks to help them fulfill requirements. Due to our team’s depth of industry knowledge and expertise, skill, and track record of providing quality service, community banks look to us to provide value-adding insights to their organizations.
Key Related Services
Audit, Accounting, Assurance, Advisory, & SEC Services
- Financial statement audits
- HUD audits
- Internal control audits (SOX 404 & FDICIA)
- Employee benefit plan audits
- Loan review services
- Internal audit services
- Risk assessment services
- Information security assessments
- Asset liability management assessments
- Liquidity and funds management assessments
- FDICIA & SOX 404 implementation
- FDICIA & SOX 404 compliance testing
- Financial statement preparation
- Outsourced accounting
- Merger & Acquisition consulting
- Deal structuring and post-transaction consulting
- Start-up assistance & filings (including de-novo)
- Process redesign and optimization plans
- Policies and procedures development
- Strategic planning
Tax Compliance & Tax Advisory
- Federal and state tax return preparation
- Preparation and/or review K-1 allocation schedules
- Deferred tax and provision calculation (tax accrual)
- Tax planning
- Merger & Acquisition consulting
- Deal structuring & post-transaction consulting
- Compensation planning
- Research & project assistance
Broker-Dealers
Maggart has been focused on serving local broker dealers. The regulatory environment surrounding broker-dealers has significantly changed and evolved over time creating a challenging climate for broker-dealers to operate within. Broker-dealers are required to submit audited financial statements to the SEC and other regulatory bodies 60 days after year end. This time constriction and increased regulatory scrutiny magnifies the need for you to have a qualified and specialized audit firm.
Maggart is registered with the PCAOB and has over 20 years of experience auditing introducing broker-dealers. We will work with your management team to help you overcome the growing regulatory challenges by leveraging the personal relationships we’ve built over time and providing industry expertise traditionally found with a larger firm creating a quality client service experience.
Key Related Services
Audit, Accounting, Assurance, & Advisory
- Financial statement audits
- Exemption reviews
- Compliance with instructions of General Assessment Reconciliation
- Assistance with the net capital computation
- Financial statement preparation including supplemental schedules
- Outsourced accounting
- Employee benefit plan audits
- Audit readiness preparation
Tax Compliance & Tax Advisory
- Federal and state tax return preparation
- Preparation and/or review of K-1 allocation schedules
- Deferred tax and provision calculation (tax accrual)
- Tax planning
Investment Companies
Maggart’s focus has been on serving local investment companies by providing assurance, tax, and financial statement preparation services. A unique and complex industry, we serve limited partnership funds, alternative investment funds, and investment advisers. We provide each client a customized, focused service approach where we can provide value to you and your organization.
Key Related Services
Audit, Accounting, Assurance, & Advisory
- Financial statement audits, reviews, & compilations
- Financial statement preparation
- Outsourced accounting
- Audit readiness preparation
Tax Compliance & Tax Advisory
- Federal and state tax return preparation
- Preparation and/or review of K-1 allocation schedules
- Deferred tax and provision calculation (tax accrual)
- Tax planning
Mortgage Lenders
Our financial institutions industry expertise allows us to deliver valuable advice learned from our clients' accomplishments, challenges, mistakes, and rare failures. Our mortgage lending clients range in size from small local originators to mortgage departments within financial institutions to large national lenders and servicing portfolios.
We’ve developed a strong reputation among the many financial institutions, mortgage lenders and others we serve in the financial services industry.
We maintain close relationships with regulatory agencies and industry experts and remain current on important tax and accounting issues, reporting requirements and regulations.
Maggart has developed procedures and processes that reflect a thorough understanding of each client’s business and philosophy. For each client we create an individualized audit program that adheres to highest quality to meet our clients’ standards and our professional standards.
Our goal is that our services provide more value to you than just numbers on a page or compliance with laws and regulations. We want to contribute to your company’s success.
Key Related Services
Audit, Accounting, Assurance, & Advisory
- Financial statement audits, reviews, & compilations
- HUD audits
- Employee benefit plan audits
- Internal audit services
- Financial statement preparation
- Outsourced accounting
Tax Compliance & Tax Advisory
- Federal and state tax return preparation
- Preparation and/or review of S-Corporation K-1 allocation schedules
- Deferred tax and provision calculation (tax accrual)
- Tax planning
- Compensation planning
- Research & project assistance
- Nexus review
Valuation & Forensic Accounting Services
- Fidelity bond claims
- Defense of lender liability claims
- Transaction reviews
Registered Investment Advisors (RIAs)
Our firm’s focus has been on serving local RIAs by providing audit, tax, financial statement preparation, audit readiness services, and surprise custody examinations.
Our approach to your audit, tax, and financial statement preparation services will make your client experience as streamlined as possible.
In addition to traditional audit or tax services that may be requested, RIAs are required by the Investment Advisers Act of 1940 to have a “surprise” examination by a CPA. This is due to the act's mandate that registered investment advisers have custody of client funds unless a qualified custodian maintains those funds in a separate account for each client under that client’s name or in accounts that contain only client’s funds and securities, under the investment adviser’s name as agent or trustee for the clients, in addition to other responsibilities.
Our surprise custody examination will verify that the client’s funds and securities held at a custodian exist, are in the proper name, and the totals match the investment advisor’s records.
Maggart is a PCAOB inspected firm and has worked with investment advisors at all stages of their life cycle.
Key Related Services
Audit, Accounting, Assurance, & Advisory
- Financial statement audits, reviews, & compilations
- Surprise custody examinations
- Financial statement preparation
- Outsourced accounting
- Audit readiness and assistance
Tax Compliance & Tax Advisory
- Federal and state tax return preparation
- Preparation and/or review K-1 allocation schedules
- Deferred tax and provision calculation (tax accrual)
- Tax planning
Specialty Lenders
Community Development Financial Institutions (“CDFIs”) provide financial services in low-income communities and to people who lack access to traditional financing such as small businesses, micro-enterprises, nonprofit organizations, commercial real estate, and affordable housing in hard-to serve markets across the nation.
Business and Industrial Development Companies (“BIDCOs”) provide loans and growth capital to small business ventures considered too risky for traditional lenders. BIDCOs may also specialize by investing more than 25% of their financial assistance portfolio in businesses owned by minorities, women, or disabled individuals or in businesses that operate in economically depressed areas.
Loans made by BIDCOs help fill the gap between venture capital sources (equity investments), and traditional debt financing through commercial banks, industrial bonds or government programs. BIDCOs have flexibility in the financing tools available to them, blending debt financing with equity and near equity investments, and utilizing government guaranties to improve a company's credit worthiness for traditional lenders.
BIDCOs are designed to address moderate risk capital needs of smaller, growth-oriented companies. BIDCOs help finance companies that require additional capital but are not expected to generate the high returns required by most venture capital companies.
Our financial institutions industry expertise allows us to deliver top notch service to specialty lenders. We’ve developed a strong reputation among the many financial institutions, CDFIs, and BIDCOs and others we serve in the financial services industry. We understand the important role that specialty lenders fill by banking those without access to traditional financing.
Key Related Services
Audit, Accounting, Assurance, & Advisory
- Financial statement audits
- Employee benefit plan audits
- Internal audit services
- Financial statement preparation
- Outsourced accounting
Tax Compliance & Tax Advisory
- Federal and state tax return preparation
- Preparation and/or review of S-Corporation K-1 allocation schedules
- Deferred tax and provision calculation (tax accrual)
- Tax planning
- Compensation planning
- Research & project assistance
- Nexus review
Valuation & Forensic Accounting Services
- Fidelity bond claims
- Defense of lender liability claims
- Transaction reviews