Industries

We help our local construction companies concentrate on what they do best: help their clients build a bigger and better Hawaii. Our teams of highly trained professionals are able to assist the construction industry with accounting, auditing, tax, and advisory services to meet the needs of the growing industry. The partners of our firm are actively involved in the General Contractors Association of Hawaii, the Hawaii Chapter of the Construction Financial Management Association (CFMA), and the Associated Builders and Contractors – Honolulu Chapter (ABC). They have presented CFMA’s Basics of Construction Accounting class to a variety of groups over the past ten years and have participated in a number of other construction accounting presentations. We pride ourselves on our relationships with local sureties and their expectations of your accountants.

Regulatory oversight for the healthcare industry increased astoundingly in recent years amidst a challenging economic environment. These conditions have made healthcare administration and financial management increasingly difficult. CW Associates has kept current with these changes to provide quality accounting, auditing, and tax services. Our managing partner, Terri Fujii, and Audit Principal, Grayson Nose, have many years of experience in the healthcare industry, making it possible for us to provide services that our clients need. Our clients include community health clinics, medical and dental groups, continuing care retirement communities, and other providers of long-term care services. Services to our healthcare clients include:

• Form 990 preparation
• Financial analysis
• Regulatory compliance assistance
• Operational improvement consultation

Providing accounting, auditing, tax, and advisory services to nonprofit organizations are also a substantial part of our firm. The professional staff of CW Associates is in compliance with the continuing professional education requirements required by Government Auditing Standards to perform single audits of expenditures of federal funds. Carleton L. Williams, our founding partner, has been performing compliance audits since 1979, when they were known as Attachment P audits (prior to the Single Audit Act of 1984). Each of our professional staff is trained annually on Yellow Book and Uniform Guidance accounting, auditing, reporting, and compliance requirements. Services to our nonprofit clients include:

• Applications for exempt status
• Clarification of allowable and unallowable costs for federally funded programs
• Analysis of split-interest agreements and joint activity (fundraising) costs
• Updates for new IRS reporting requirements
• Implementation of new accounting standards focused specifically on nonprofit organizations

CW Associates was Hawaii’s first member of the Employee Benefit Plan Audit Quality Center of the AICPA, which requires that all ERISA employee benefit plan audit engagement personnel possess current knowledge of applicable professional standards and the rules and regulations for ERISA (accomplished through employee benefit plan-specific continuing professional education). It also requires member firms to establish policies and procedures specific to the firm’s employee benefit plan audit practice to comply with the applicable professional standards and the Center’s other membership requirements, and to make publicly available information about its most recently accepted peer review.

Employee benefit plan audits comprise a significant part of our professional practice; thus, the firm is not known as a “dabbler.” Our firm provides limited-scope and full-scope audit services for:

• Defined Benefit Plans
• Defined Contribution Pension Plans, including Internal Revenue Code Section 401(k) and 403(b) Plans
• Employee Stock Ownership Plans (ESOPs)
• Single Employer and Multi-Employer Pension Plans
• Health and Welfare Benefit Plans