Credit Union Resources’ Auditing and Consulting services assist credit unions with their accounting and auditing functions. These services act as an extension of your credit union’s accounting department for such issues as:
Specific services provided by Auditing and Consulting include:
A dedicated accounting specialist will perform a general scrub, reviewing each general ledger on the balance sheet, reconciling the account, and creating subledgers for future balancing. The specialist helps staff with out-of-balance research and corrective adjustment postings. At the conclusion of the project, the accounting staff will be confident, knowing that all general ledgers accurately represent their credit union’s financial position. Additionally, the credit union will have source documents to show examiners.
An expert will sit with accounting staff to process the credit union’s day-to-day functions and help prepare end-of-month (EOM) closing. Additionally, the expert enables the credit union employee to gain experience, get questions answered, and gain a thorough understanding of day-to-day and EOM functions. Once the project is completed, the credit union will have a final EOM packet for examiners and auditors.
This service allows credit unions to outsource certain accounting functions such as EOM. This includes posting EOM transactions, fees, reconciliations of general ledger accounts, research, corrective postings, and the preparation of financial statements.
The credit union accounting staff or CEO receive hands-on training to file the call report with on-site assistance from an accounting professional. The team receives detailed NCUA instructions and reports used in the analysis, as well as written notes to reference during future call report filings.
This service allows small credit unions to have a quality, scaled-down internal audit performed by an auditor at a reasonable cost. These audits are typically handled remotely, saving travel expenses. The end reports are provided to the board or supervisory committee.
An in-depth review determines if fraudulent activities are occurring and if any unknown suspicious transactions have been processed. If fraud is found, this service will obtain all supporting documents required to process a claim, recouping lost funds covered in the bond insurance policy.
Credit union employees learn how to apply past trends and how future changes, interest rates, loan promos, or expenses drastically change the credit union’s predictions. This service helps ensure the credit union has an accurate target to compare its operations against. It also allows the board to evaluate how management and operations are comparing to the budget.
An expert provides an evaluation of the viability of a new program, product, or service to see how it affects the bottom line and if the cost is worth the potential reward. The credit union sees potential scenarios to validate whether the proposal is a good venture based on industry standards and returns.
To learn more about Auditing and 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
Credit Union Resources, Inc. is a wholly owned subsidiary of Cornerstone Credit Union League.
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