Independent Audit Assurance Services
Certified Financial Statement Audits
We provide certified audits for credit unions who desire the added assurance provided by choosing this option. Using a credit union specialized firm makes certified audits a cost effective method of both meeting your annual audit requirement as well as providing your membership with the confidence that comes only with a certified audit.
Supervisory Committee Audits (Agreed-upon Procedures) and other Audit Options allowed under NCUA Rules & Regs Part 715 & 741
The Credit Union Membership Access Act changed the audit requirements for federally insured credit unions. With this change (codified as 12 CFR Parts 715 and 741), additional options are available for credit unions to choose to satisfy their annual supervisory committee audit requirement.
Many smaller credit union successfully utilize the NCUA Guide Engagement Option, where the audit procedures to be performed are established in the engagement letter. If those procedures are carefully selected and provide adequate coverage of key areas of the credit union financial statements, the Guide Engagement can appropriately meet the credit unions audit needs and satisfy the regulatory audit requirement.
Member Verification Assistance
Part 715 specifies the requirement for an annual member account verification every two years. This requirement can also be met in several different ways, depending the level of audit service chosen by your supervisory committee. We would be glad to assist your credit union to determine the most cost effective way to satisfy this requirement.