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Auditing & Consulting: Providing solutions for your credit union

by Carrie Buchholz | Aug 13, 2019

Is your website compliant?

We’re here to help. Auditing & Consulting’s Website Compliance Reviews evaluate your credit union website's content and help ensure it complies with applicable laws and regulations.

Part of Credit Union Resources, Auditing & Consulting offers two reviews:

  • Limited scope: Provides an overview of the credit union’s website for compliance requirements; and
  • Expanded review: Examines the website, the credit union’s policy, and website-related contracts.

The team consists of knowledgeable professionals who are dedicated to serving credit unions. Our team will work closely with your staff to help manage your compliance risk and maintain the confidence of your members.

Additional services offered through Auditing & Consulting:

Supervisory Committee Annual Reviews (Audits)
Financial audits (with agreed upon procedures) are performed under generally accepted auditing procedures, focusing on reviews of the general ledger (accounting), lending, and internal controls. Credit unions can choose from a full-scope review or a minimum procedures review of build-an-audit/customized scope review.

ACH Audit
This audit helps maintain the quality of ACH services and the satisfaction of participating credit unions and their members by verifying compliance. The National Automated Clearing House Association (NACHA) requires any credit union that participates in the ACH network to conduct an audit for compliance by Dec. 31 of each year, according to Appendix Eight (Rule Compliance Audit Requirement).

ACH Risk Assessment
This assessment assists the credit union in determining the level of risk associated with receiving or originating ACH transactions. Nine areas of risk are evaluated, and a risk rating of low, medium, or high is assigned to each. The risk assessment is required under NACHA rules, Appendix Eight, Part 8.2(f).

BSA/CIP/OFAC Compliance Review
This procedures and documentation review evaluates the requirements for the Bank Secrecy Act, Customer Identification Programs, and Office of Foreign Assets Control. It is required annually as outlined in NCUA 748.2(c)(2), Section 326 of the USA Patriot Act and the Office of Foreign Assets Control.

Member Account Verification
This verification provides back-office support to assist supervisory committees in meeting state and federal regulations for validating member accounts every two years.

Internal Audit Program
An in-depth review of specific operational areas. The credit union chooses the frequency of visits based on member services offered and the complexity of operations.

Special services
Services include accounting record reconstruction, bank account reconciliation, general ledger account reconciliation, or forensic accounting, ensuring the proper reconciliation of accounts and bringing credit union records up to date. Special services also include reviews of loans, collections, allowance account adequacy, or other items determined by the credit union.

Supervisory Committee Training
This training is available to credit unions on an individual basis. To gain additional knowledge about supervisory committee processes and procedures, credit unions may also attend the annual Volunteers Forum conference. Co-sponsored by Credit Union Resources, the conference provides speaker presentations, breakout sessions, and networking opportunities.

Tabulation of Election Ballots
This service provides independent tabulation of election ballots for board, supervisory committee, mergers, and charter conversions.

To learn more about Auditing & Consulting services and how they can help your credit union, contact Ben Quattrochi at bquattrochi@curesources.coop or visit the website.

About Credit Union Resources, Inc.
Credit Union Resources is a service corporation that provides industry-leading solutions and expertise to credit unions across the country. Credit Union Resources is a part of the Cornerstone Credit Union League, a regional trade association representing the interests of credit unions in Arkansas, Oklahoma, and Texas. For more information, visit curesources.coop.