Audit & Consulting Services

Audit & Consulting

Supervisory Committee Annual Review (Financial Audit)

Generally accepted auditing procedures with emphasis on review of the general ledger (accounting), lending and internal controls. Two levels of the Supervisory Committee Annual Reviews (SCARs) are offered: Full-Scope (recommended) and Minimum Agreed-Upon Procedures. The Full Scope SCAR is more robust in the areas and content reviewed compared to the Minimum Agreed-Upon Procedures. Depending on the level of the SCAR, lending may include a review of consumer loans, business loans, mortgage lending, and credit cards. In a Full-Scope SCAR, every general ledger account with a balance will be reviewed and testing of income and expenses will be performed. A thorough internal control questionnaire is completed in a Full-Scope SCAR.

BSA/CIP/OFAC Compliance Review

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). BSA/CIP required every 12 to 18 months, commensurate with the credit union’s BSA/AML risk profile.  OFAC required every 12 to 18 months based on the credit union’s OFAC risk profile or known or perceived risks.

Special Services

Includes a wide variety of assistances developed to help credit unions with their unique needs. Special Services includes remedial accounting assistance, accounting training for accounting staff or management, outsourced accounting/Backoffice accounting, specified account reconciliation assistance, end-of-month (EOM) packet reviews, allowance account adequacy reviews, outsourced call report preparation, call report training for staff or management, One-Day Credit Union Internal Audits, insider statement reviews, Bond Claims/Forensic Audits/Fraud Audits, change of management reviews, accounting document of resolution (DOR) assistance, budgeting assistance, analysis assistance, customizable specialty audits and reviews based on the specific needs of the credit union and credit union management.

Internal Audit Program

The internal audit is designed to aid the Board of Directors and Supervisory/Audit Committee in performing their basic duties as volunteers. The Internal Audit provides an in-depth review of a credit union’s operations with customized contacts. The frequencies of visits (monthly, bi-monthly, quarterly, etc.) are selected by the credit union, based on member services offered and the complexity of the operation. Twelve visits allow for more areas of the credit union to be reviewed for adherence to policies, regulations and compliance. Areas reviewed may include lending, operations, specific compliance, cash, accounting control, and internal controls. The thoroughness of the internal audit program depends on the frequency of visits. 

ACH Audit

This audit is required by the National Automated Clearing House Association (NACHA) by December 31 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.

ACH Risk Assessment

A Participating Depository Financial Institution must conduct or have conducted an ACH risk assessment of its ACH activities, implement a risk management program based on the assessment findings, and comply with the requirements of the regulators with respect to the assessment and risk management program.

Website Compliance Review

Select from a limited scope or expanded full scope website reviews. Limited scope conducts an review of the credit union’s website for compliance related items only. The expanded full scope option reviews the website for regulatory requirements, as well as a review of web host vendor, regulatory review of third-party vendors, credit union due diligence and site compliance with applicable Federal Reserve and NCUA applicable rules and regulations.





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