In light of increasing costs (gas, food, hotels, etc.), the Credit Union Service Corporation Auditors have begun a new process concerning audits. Instead of raising audit fees, we wanted to offer our credit unions a better option.
Option 1) We have a new, user-friendly secured site (which several of our member credit unions have already used) that allows credit unions to securely download various necessary items for use by the auditors, allowing them to complete a portion of the audit from the League office. This option reduces the “on location” portion of the audit from four (4) days to only two (2) days. If a credit union chooses this secure electronic option, there will be no significant increase to their audit fee from the previous year.
Option 2) if the credit union prefers to have their audit performed in the credit union or cannot retrieve the information needed to perform the audit electronically, there will be an increase in the audit fee to cover the increased costs mentioned previously.
If your credit union has not already accessed this secure site, before the scheduled audit date you will receive an email from Frances Moore inviting you to join and set up your login information. Please be advised that once the invitation is sent, the credit union has only five (5) days to join before the invitation expires. Also be advised that any files stored on the secured site remain for only fifteen (15) days before they are deleted, for added security.
For more information or questions, please contact Patty English at 800 822-8859, ext. 9070.
We look forward to working with you in the year 2012! Let’s make it a great year!