industries

CW Associates, CPAs, provides accounting, auditing, tax, and general business consulting
services to businesses and their owners and nonprofit entities in a variety of industries as well as
to employee benefit plans. Our largest clientele are significant players in Hawaii in the wholesale,
retail, manufacturing, and real estate industries. We also provide services to automobile
dealerships, associations, franchisees, restaurants, hospitality, private and charter schools and
other commercial ventures. In addition, our firm has substantial experience and provides services
to businesses in the following specialized industries:
Construction Contractors
Accounting, auditing, tax, and general business consulting services to the construction industry
are a significant part of our professional practice. 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
presentations. In addition, each of our professional staff is trained annually in the unique
accounting, reporting, and tax consequences of construction contracts. We pride ourselves on our
relationships with local sureties and their expectations of your accountants.
Nonprofit Organizations and Governmental Entities
Accounting, auditing, tax, and general business consulting services to nonprofit organizations and
governmental entities also is a substantial part of our professional practice. The professional
staffs of CW Associates, CPAs, are in compliance with the continuing professional education
requirements required by Government Auditing Standards. Carleton L. Williams, our managing
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 the Yellow Book and OMB A-133 accounting, auditing, reporting, and
compliance requirements. Services to our nonprofit clients have included: applications for exempt
status, preparation of indirect cost allocation plans, clarification of allowable and unallowable
costs for federally funded programs, addressing pension plan termination, post-retirement
benefits and other accounting issues, analysis of split-interest agreements and joint activity
(fundraising) costs, and timely updates for new IRS reporting requirements.
Healthcare
Accounting, auditing, tax, and consulting services to healthcare organizations is a growing part of
our professional practice with the addition of Terri Fujii as an audit partner. We provide services to
community health clinics, medical and dental groups, and providers of long term care services.
Services to our healthcare clients include preparing the Form 990, preparing cost reports,
financial analysis, and assistance with regulatory compliance and operational improvements.
Employee Benefit Plans
CW Associates, CPAs, 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 ERISA 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. (Our firm and its predecessor
received unqualified opinions without letters of comment in each of its peer reviews since
inception in 1989.) Employee benefit plan audits also comprise a substantial part of our
professional practice. Our firm provides limited and full-scope audit services of defined benefit
pension plans, Employee Stock Ownership Plans (ESOPs), Internal Revenue Code Section
401(k) plans, Internal Revenue Code Section 403(b) plans, single-employer pension plans, and
multi-employer pension plans.