Supervisory Committee Annual Reviews (Audits)
Generally accepted auditing procedures with emphasis on review of the general ledger (accounting), lending and internal controls.
Internal Audit Program
In-depth review of a credit union’s operations with customized contacts. The frequencies of visits are selected by the credit union based on member services offered and the complexity of the operation.
BSA/CIP/OFAC Compliance Reviews
Annual review of procedures and documentation relating to requirements of the Bank Secrecy Act (BSA), Customer Identification Programs (CIP) and Office of Foreign Assets Control (OFAC). Required annually as outlined in the Office of Foreign Asset Control and Section 326 of the USA Patriot Act regulations.
ACH audits are required by the National Automated Clearing House Association (NACHA) by December 1 of each year. Credit unions are required to conduct audits for compliance with the ACH rules according to Appendix Eight (Rule Compliance Audit Requirement). The purpose of the ACH Audit is to maintain the quality of ACH services and the satisfaction of participating financial institutions and their customers (members) by ensuring compliance.
Website Compliance Reviews
Select from two types of website compliance reviews - limited scope or expanded review. The limited scope review conducts an overview of the credit union’s website for compliance requirements. The expanded option reviews the website, as well as a review of the credit union policy and website contract.
Provide assistance with accounting record reconstruction, bank reconciliation, or forensic accounting. This ensures proper reconciliation of accounts and brings credit union records current. Special services also include loan reviews, collection reviews, allowance account adequacy reviews or specific reviews determined by management of the credit union.
For more information on the services our department offers, please contact our office manager.
1-800-442-5762, Ext. 6464
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