CU-ACE offers cost effective solutions for your credit union. CU-ACE field experts have years of experience with helping credit union's with accounting and auditing needs. Below are some of the areas CU-ACE Auditing Experts can assist your Credit Union with. To view a listing of Supervisory Committee Duties, click here.
Supervisory Committee Audits
Using both financial and operational approaches, detailed reviews of your accounting system and internal controls are performed to ensure compliance with regulatory standards. You will receive an oral and a comprehensive written report of all our findings and recommendations. For a complete list of our procedures, click here.
Interim Audit Services
Supervisory Committee members are called upon to perform an ever-increasing number of procedures on a year-round basis. Today, the sheer volume and the technical expertise required to complete the work keeps many Supervisory Committees from performing interim procedures.
As a result, many Supervisory Committees have called upon CU-ACE to fulfill the duties that are necessary to ensure a sound internal control environment. A written report is issued at the conclusion of each interim review. We would be happy to customize an interim audit program to meet your needs. For a list of potential interim procedures, click here.
Opinion Audits
Working in association with the CPA firm of Barfield, Murphy, Shank, & Smith of Birmingham, Alabama, CU-ACE can assist credit unions in obtaining opinion audits. The combined credit union expertise of Barfield, Murphy, Shank, & Smith of Birmingham, Alabama, and CU-ACE is a resource for credit unions that is both profound and rare. Jack Knight, the Credit Union Practice Group Leader for Barfield, Murphy, Shank, & Smith, has over 30 years of public accounting experience, with 10 years being in the Credit Union industry. For more information, contact Jack Knight at jknight@bmss.com, or visit their website at www.bmss.com.
Change of Management Audits
Combined with your annual audit if feasible, these additional procedures provide protection for both incoming and outgoing management, as well as the Board of Directors.
Verification of Members' Accounts
Verification of members' accounts is required by regulations to be performed bi-annually and consists of obtaining independent evidence as to the completeness and accuracy of the credit union's records regarding member share and loan balances at a specific point in time. CU-ACE can perform the procedures required on behalf of the Supervisory Committee.
Special Investigations
CU-ACE field experts have the training to handle the unique investigation requirements related to bond claims. Our staff's experience and relationship with the bond companies and authorities allows for discreet handling of these situations. We'll assist you in identifying and documenting any loss and in preparing the related bond claim.
Records Reconstruction
When there has been a breakdown of the accounting system or any components of the general ledger, reconstruction, or forensic accounting, restores the credit union's records to a balanced condition.
Internal Control Structure Evaluation
We will evaluate operational policies and procedures and review the internal control structure of the Credit Union. A written report of observations and recommendations will be issued at the conclusion of the audit.
Information Systems & Technology (IS&T) Audit
The IS&T audit is designed to evaluate the controls established by management over the credit union's information system. The audit will focus on areas of the information system including the data processing, internet and/or telephone banking, credit union websites, and disaster recovery planning. A report of observations and recommendations will be issued at the conclusion of this audit.
For more information on solutions CU-ACE can offer, please contact Eleanor Brown at ebrown@cuace.com.
