SEC Quality Review (Publicly Traded Community Bank)

Industry: Community Bank (Financial Services)

Client Overview

A publicly traded community bank wants a comprehensive and objective “internal” quality assessment of its SEC 10-K and 10-Q documents.


The bank’s finance team is already busy with the day-to-day operations. Preparation of quarterly earnings release documents and Form 10-Q and 10-K filings are “complex quarterly projects” that divert its staff’s focus away from the main business. Additionally, the bank’s leadership appreciates the value of an “outsider’s” perspective on the material before it is sent to auditors.


CFOCP developed an approach that raised the C-Suite’s comfort level by reviewing drafted reports with an objective point of view based on extensive SEC reporting experience. The proactive SEC quality review positioned the community bank for a smooth process with its auditors.


CFOCP’s solutions generated the following value-added outcomes:

• Established Earnings Release Review program to assess accuracy and completeness of quarterly earnings release documents prior to publication.
• Conducted “Critical Read Through” of Form 10-Q and 10-K to ensure presentations and discussions exhibit a complete and consistent picture in compliance with financial requirements under US generally accepted accounting principles and SEC regulations.
o Cross-checked all similar values throughout document financial statement values agree to the notes and to financial tables and discussions in MD&A and other sections.
o Double-checked for mathematical accuracy and rounded-number discrepancies from software applications.
o Reviewed “roll-forwards” to mitigate potential errors with Statement of Cashflows.
o Streamlined, edited and suggested alternate language to ensure clarity and comprehensive narrative.
o Assessed compliance with financial reporting standards and SEC regulations.
• Assessed underlying documentation comparing reported values against supporting documentation to insure:
o Reported values agree to supporting documentation.
o Checked adequacy and completeness of backup documents.
o Reviewed proper organization and accuracy of underlying data to reported values.
o Ensured consistency (i.e., investments, loans), which supports the biggest numbers on the balance sheet for community banks.


SEC Quality Review
Planning & Analysis

To hear how we can help your finance department prepare its SEC-required 10Q and 10K reports for a smooth audit process, please contact:

Larry Davis, CPA
T: (609) 309-9307 x716

Eric Segal, MBA
T: (609) 309-9307 x702