With the passage of H.R. 1151 came new regulations mandating what credit unions need to do to satisfy annual audit requirements. Credit unions with assets greater than $500 million don’t have a choice – they must have a certified financial statement audit. But for all other credit unions, four options are available to satisfy your annual audit needs. And we offer them all:
Certified Financial Statement Audits
Balance Sheet Audits
Do you want an “opinion” on your balance sheet, without the costs associated with a full-fledged opinion audit? A Balance Sheet Audit adds to your comfort level with your financial statements, yet doesn’t cost as much as a certified financial statement audit.
Review and Evaluation of Internal Controls Over Call Reporting
Yet another option includes this audit, in which management makes ascertations on the internal controls over major components of the call report. We audit these ascertations. Major components include loans, investments, shares, and deposit activity.
Supervisory Committee Audits
The NCUA has defined the minimum audit requirements to perform the Supervisory Committee audit. Working with league-affiliated credit union auditors across the country, we’ve taken those minimal procedures and incorporated the necessary steps to ensure that your credit union is operating soundly.
Annual audits aren’t always enough. With ever-changing rules and regulations, added complexities of new products, and the necessity to meet the requirements of the Supervisory Committee, credit unions need help. We can act as your “internal auditor,” providing services monthly, quarterly, or as often as you need them. Or we can help perform those Supervisory Committee duties that there isn’t time for.
Identifying the risk in your credit union is the first step in developing your annual audit plan. We meet with management and the Supervisory Committee to perform risk analysis annually, then tailor the annual audit plan to your credit union. We go over results with management, incorporate their responses into our report, and deliver the report directly to the Supervisory Committee.
Interim Supervisory Committee Audits
We can help with those Supervisory Committee responsibilities above and beyond the annual audit. Or we can perform steps in your annual audit on a quarterly, semi-monthly, or monthly basis – to help identify problems before they become bigger.
We offer four more specialized audits:
Performed in conjunction with the League’s Compliance and Human Resources departments, compliance audits help ensure that your credit union is in compliance with all relevant rules and regulations. You choose the areas of CU operations or products that you want us to look at, and we tailor a program for your CU.
Every financial institution that provides ACH services needs to conducts an audit of compliance with provisions of ACH rules. Starting in 2000, credit unions are required to conduct these audits annually beginning no later than December 1.
Using specially designed internal control questionnaires and audit procedures, we test user and data security, check the physical security of your equipment, and ensure that proper controls for disaster recovery are in place.
Small Credit Union Audits
Designed to provide a high-quality audit at a very reasonable price, our small credit union audit meets regulatory requirements of the required annual audit, including:
- Review of a sample of loans issued for the period being audited
- Review of selected balance sheet accounts
- Policy review
- Comparative analysis of the income statement
- Review of employee and officer loan and share accounts
We meet with the Supervisory Committee and management to discuss audit results. We then issue a report directly to your Supervisory Committee.
Some other areas that may need to be addressed, in response to regulations or changes in your credit union:
In our office or yours, we can help with all of your accounting needs – from helping to fill gaps resulting from employee turnover, to catching up on checking, corporate, and general ledger accounts. We can also help train your staff to complete future reconciliations.
Biannual Member Share and Loan Verifications
NCUA requires that credit unions perform biannual verifications. Why not let us take care of the hassles for you? We obtain statements directly from your data processor, or watch as they are produced at your credit union, test them against the trial balance, mail them, and gather all discrepancies for your Supervisory Committee.
Mail Ballot Elections
From helping design your ballot, to mailing ballots, to tallying results, we can help every step of the way for your Board of Directors and Credit Committee elections. We serve as your independent teller of election, ensuring that all NCUA regulations are met. We can even present results at your annual meeting.
Due Diligence Reviews
Merging with another credit union? Then you need credit union auditors with the most experience to review policies, loan portfolio, and balance sheet accounts of the credit union that will be merging with you.
Change of Management or Key Employee Review
Has a key employee left your credit union? Are you a new manager who would like to start with a clean slate? Why not let us help you review your records? Our review can be tailored to your needs.