With more than 30 years of experience, the NCCUL Audit Team provides a wide range of services to credit unions under $500 million in assets, and can also provide internal audit services to those over $500 million in assets. Credit unions statewide have come to value the skill and excellent service we provide – all at the very lowest cost.
We constantly look for new and innovative ways to meet the needs of credit unions. Please browse the summary of services provided below to see the incredible range of audit services our team brings to the table.
In a complex and constantly changing environment, it makes sense to do business with a team committed to your success! For more information, I invite you to contact me today to find out how we can help! You may reach me at (800) 822-8859, ext. 9070 or penglish@ncleague.org – Patricia English, AVP of Audit Services.
New for 2012
The Audit Team is pleased to recommend TimeValue Software! TimeValue Software TValue loan modification and amortization software is the industry standard for amortization. The TValue program is an excellent tool to do loan modifications and troubled debt restructurings (TDRs). Today, all of the Top 100 accounting firms and more than 500,000 financial professionals worldwide rely on its accuracy, flexibility, and ease of use. For more information on this exciting new product, please download the product flier or contact Patricia English at (800) 822-8859, ext. 9070.
Summary of Services
All of the procedures listed below shall be consistent with Generally Accepted Accounting Principles (GAAP) as prescribed by the NCUA and Credit Union Division. The scope of these agreed-upon procedures satisfies all of the requirements of a Comprehensive Supervisory Committee. The League audit team specializes in more than 20 key areas. A few of these include:
Comprehensive Annual Audits
- The Credit Unions Balance Sheet (Assets and Liabilities)
- Loans
- Investments
- Fixed Assets
- Notes payable
- Reserves
- Expenses
- Cash and bank reconciliations
- FCCCU & other investments
- Member’s trial balance
- Land, building, furniture and equipment
Bank Secrecy Act Audits
ACH Audits
Account Verifications
990 Tax Forms (State Chartered CUs only)
Internal Audits, including:
- Cash counts
- Cash policy and procedure review
- BSA Policy and procedure review
- High risk areas
- General ledger reconciliations
- Review loans (New, Delinquency, Charge-offs or Staff/Volunteer
- Any procedure for which the Supervisory Committee is responsible
- Credit Union Elections
A report of the procedural work performed and findings will be submitted to the Supervisory Committee after the audit has been completed.