Carter Bank & Trust Engages Porter Keadle Moore to Conduct IT Audit and Manage Accounting Systems throughout Core System Conversion
PKM announced that one of the largest state chartered commercial banks headquartered in Virginia, Carter Bank & Trust, (OTC:CARE) is leveraging the firm’s audit and financial services expertise to review internal IT controls, assist with Sarbanes-Oxley testing and align financial reporting and accounting systems with overall operations as it undertakes the transformation of its infrastructure through new technology. PKM is an accounting and advisory firm that serves public and private financial institutions, insurers, technology companies and entrepreneurial small businesses.
With total assets of $4.1 billion, Carter Bank & Trust initiated the conversion of its core system to a best-in-suite platform to improve customer service, operational efficiencies and product offerings, which include online and mobile banking. The bank sought after PKM’s expertise specifically in financial institutions to assist in managing and reviewing its accounts, ensure the validity and continuity of its financial reporting, coordinate Sarbanes-Oxley testing and reporting for regulators and audit IT controls.
“The alignment of our accounting and financial reporting system is integral to our conversion. We selected PKM because its reputation is impeccable within our industry. We needed the best and couldn’t be more pleased with PKM’s guidance and responsiveness thus far,” said Wendy Bell, Executive Vice President and Chief Financial Officer for Carter Bank & Trust.
“Converting core systems is a complex process that requires in-depth planning and preparation on not only the bank’s part, but with their partners and vendors as well,” said Mike Morris, Systems Partner for Porter Keadle Moore. “We’re excited to support Carter Bank & Trust as they move forward with this project and help better align operations with their accounting and financial reporting systems.”