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Bank of Luxemburg
Growing key audit compliance capabilities
The Bank of Luxemburg is deeply rooted in its community, priding itself on fostering enduring relationships with customers and employees alike. As an independent community bank, it has long been recognized for its commitment to personalized service and local decision-making. Over the past five years, the bank has experienced remarkable growth, expanding its reach and capabilities. Surpassing $500 million in total assets, the bank successfully engaged Wipfli for its first FDICIA audit.
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The Challenge
Currently, banks surpassing $500 million in total assets must comply with FDICIA. For the Bank of Luxemburg, this milestone brought a steep learning curve requiring ongoing enhancement of their reporting processes, further internal control refinement and assurance of financial record accuracy.
The Solution
Based on its 20+ year accounting and consulting relationship with Wipfli, consistently providing industry knowledge and customized insight, the bank engaged Wipfli to be its auditor. Following a comprehensive independent assessment, Wipfli performed a financial statement audit in accordance with Part 363 of FDICIA, providing:
- Specialized, extensive banking regulation knowledge on required disclosures.
- Regular continuous communication of findings, early identification of concerns and knowledge of the implications of current and emerging accounting and regulatory standards.
- Early identification of the need for comparative financial statements to avoid the simultaneous burdensome preparation required for audit completion.
We enjoy working with Wipfli and have no reason to look elsewhere. We are impressed with the entire team’s audit knowledge. They proactively share industry best practices and highlight documentation requirements so we can strengthen our compliance.
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The results
The Bank of Luxemburg successfully navigated its first financial statement audit and subsequently two more while meeting all regulatory requirements. The bank enhanced its internal control capabilities and sustainable processes for ongoing compliance and further developed a defined roadmap to build capabilities to meet future requirements.
The bank continues to expand its geographic footprint, and loan demand remains strong as it also prepares for a core technology upgrade. Its leadership team is confident they can focus on the actions that foster loyalty to customers and employees while meeting all regulatory obligations.
