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| Patty English is the AVP of Audit Services for the NC Credit Union League. You may reach her at (800) 822-8859, ext. 9070 or penglish@ncleague.org. |
Patty English, NCCUL AVP of Audit Services, attended the Association of Credit Union Internal Auditors Conference in Florida last week. Patty notes that the conference provided some very good information, and an update on Time Value Software, which the League will soon make available to credit unions in NC.
“The Time Value Software had great reviews,” English said. “Everything I heard about it from people who have been testing it was very positive, and the conference speakers said some really good things about it as well.”
The Time Value program automatically calculates TDRs, Net Present Value of the Future Cash flow at the effective interest rate and ALLL Calculations, Accretion Adjustments and Alternative Deal Restructurings. All credit unions have to do is key in a few simple entries – Time Value does the rest!
NCCUL plans to begin offering this software to credit unions in NC sometime later this month. Stay tuned, as we will have more information on the roll out coming soon!
New for 2012
The League Audit Staff has always made a concerted effort to provide the best service at the most affordable cost to our credit unions, and we appreciate your continued support and confidence.
The League is currently developing a plan to offer a “drop box” audit option for credit union audits. This option will allow your credit union to securely transmit general ledger files to the League for audit. This new option will allow participating credit unions to significantly reduce their audit costs. Credit unions will still have the option to participate in onsite audits.
The League is also pairing its ACH and BSA audits together for those credit unions that have an ACH audit. This will allow the League to extend its Comprehensive audit.
We’ll have more updates to come on these exciting developments in the near future!