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Innovative Post-Merger Audit Solutions for NHTrust Financial Advisors

WRITTEN BY: Ada H. Paddock November 3, 2021
Ada H. Paddock

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Ada H. Paddock

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Following their values of accountability, mutuality, excellence, respect, integrity, teamwork and stewardship, NHTrust provides financial trust and advisory services to customers throughout New Hampshire. Their team of professional advisors are committed to exceptional service and support for their customers and communities by building relationships based on trust.

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Wolf & Company was a responsive and innovative partner, helping us navigate through the changes in our business. Their trust expertise and tailored approach gave us confidence that we had an effective control environment to satisfy our clients and other stakeholders. Wolf’s team, including the principal, worked with us extensively to develop a customized solution for our needs and their ability to be flexible and creative sets them apart from our other partners.”

Paul M. Provost, CFP

President, NHTrust Financial Advisors

Challenge

During 2020, NHTrust grew significantly, merging and consolidating three wealth management entities. Finding the right time and the right approach to complete the annual internal audit necessitated a customized solution.

  • Performing the internal audit in the middle of the consolidating activity would potentially generate a false impression the overall control environment needed improvement.
  • Waiting too long would prevent the internal audit process from providing any value to management and the audit committee.

Solution

After assessing the situation, Wolf & Company’s Internal Audit Services group developed an innovative and comprehensive extended trust review to follow up on anomalies. This review:

  • Validated the internal control structure put into place post merger.
  • Gave management and the audit committee confidence regarding risk identification and magnitude of any opportunities to improve.

Result

Wolf delivered a comprehensive internal audit report including control enhancements, industry-leading practice recommendations, and confirmation of the effectiveness of post-merger controls. Our dedicated team also provided:

Affirmation of identified operational issues.

Customized solutions to address specific business challenges and optimize operational activities.

In-depth analyses of potential control gaps and compliance risks.

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