Audit & Tax Services


Financial Statement Audit

Shatswell MacLeod provides a comprehensive audit of the financial statements of our client banks with minimal disruption to the institution’s normal operation. We are results oriented. We keep the institution abreast of important regulatory and industry changes. We focus on all important matters in discussion with management and the bank’s Audit Committee until the bank, and we, are satisfied with the results

Our audit is conducted in accordance with GAAS and includes gaining an understanding of the bank’s internal accounting controls.

Our audit process includes:

  • A review of the loan portfolio with regard to the adequacy of the allowance for loan losses
  • A review of credit files for completeness and thoroughness on a test basis
  • Reconcilement of all loan and deposit applications to the general ledger
  • Validation of interest calculations and accruals for deposit and loan applications on a test basis
  • Confirmation of account data with customers of the institution using standard auditing practices for sampling
  • A review of the institution’s investment portfolio including verification of selected information
  • Issuance of a management letter that will include any reportable conditions in the institution’s internal controls and other comments




We prepare federal and state tax returns for our client banks. We also provide comprehensive and detailed tax planning services throughout the year. Our taxation experts keep institutions informed about all changes in the Internal Revenue Code and make recommendations as to how the bank can best reduce its tax liability.



Regulatory Compliance Services


Shatswell MacLeod’s team of professionals stands ready to assist community banks with the wide range of regulatory compliance issues. Frequently, financial institutions do not have sufficient time or internal resources to respond to specific compliance requirements.Here is a sample of our regulatory compliance services:

  • Consumer compliance reviews including:
    • Consumer lending statutes (regulations B, C, Z, RESPA, FCRA, FHA)
    • CRA (Community Reinvestment Act) program effectiveness
    • Consumer deposit statutes (regulations CC, D, DD, E, Q)
    • Bank Secrecy Act
    • ACH (Automated Clearing House) transactions
  • Assess the effectiveness of rate risk management programs in accordance with regulatory expectations
  • Assist management with the development and documentation of financial reporting system controls as per COSO guidelines in order to satisfy FDICIA requirements
  • Develop comprehensive policy and procedure manuals
  • Develop, updated, and tested disaster-recovery/business-resumption contingency plans


Internal Audit Services


Shatswell MacLeod Internal Audits:

  • Focus on procedures and internal controls
  • Are Coordinated in advance when appropriate or on a surprise basis where feasible
  • Emphasize areas with “most common violations”
  • Alert management to any exceptions and general deficiencies in their compliance efforts
  • include issuance of a formal report upon completion of each audit/review performed
  • Are value-added services to help manage risk.

Why Choose Shatswell MacLeod for Internal Audit?

  • Local and responsive
  • Community banking specialists
  • Understanding of each institution’s uniqueness
  • Extensive experience managing and performing internal audit and compliance functions
  • Sensitivity to the balance between efficiency and control
  • Cooperative approach to the internal audit function
  • Broad perpective on financial institution controls and best practices

Shatswell MacLeod’s internal audit services are tailored to meet the needs of each individual institution. When establishing an internal audit program we consider, among other factors:

  • Regulatory requirements
  • Inherent risk in operations and administration
  • Previous audit/exam experience
  • Recent/current events
  • Management concerns


Information Technology Services


Banking In the 21st Century Is a Technology Intensive Business

Implementing and managing the integrated technologies necessary to provide today’s customers with responsive products and services is a formidable challenge. Appropriate technology investment is critical to enable institutions to compete in a rapidly changing environment. Effective leaders understand this landscape and develop effective business strategies that embrace new technologies and processes. Shatswell MacLeod is an industry leader in information technology consulting for community banks.

Technology Planning

  • Information management strategy
  • Business needs analysis
  • Budget and cost justification
  • Technology architecture
  • Infrastructure design

Technology Acquisition

  • Requirements definition
  • RFP generation
  • Vendor evaluation and due-dilligence
  • Contract negotiation
  • Implementation and integration

Process Engineering

Information technology is a tool which enables you to change the way in which you do business to be more efficient and more attractive to your market. There is no benefit to acquiring technology unless you change your practices to take advantage of its benefits.

Shatswell MacLeod will assist you with the re-design of business processes to achieve greater efficiency, control, and to enhance your bank’s image in the marketplace.

I.T. Audit

With the pervasiveness of information technology in the financial industry come a new set of risks and control requirements. Shatswell MacLeod provides comprehensive reviews of your information technology controls with indepth analysis of the risks inherent to the specific technologies that you rely upon.

The Internet

The Internet has become an important business channel for many institutions. Shatswell MacLeod will assist you in deciding how to approach the Internet as a practical business tool. We will guide you through selection of the best technologies and the implementation of the best practices.


Contact us today to discuss how Shatswell MacLeod can help your bank thrive.
Call (978)535-0206 or email



A note from your friends at Baker Newman Noyes and Shatswell, MacLeod & Company

Baker Newman Noyes

Baker Newman Noyes is pleased to welcome the external audit and tax professionals of Shatswell, MacLeod & Company to the firm’s financial services practice.

Read the full press release at

Shatswell, MacLeod & Company

Shatswell, MacLeod & Company’s internal audit professionals are excited to carry on their existing legacy with new leadership and continued focus on specialized service.

Visit our new home at