Our
Services for Credit Unions
Supervisory Committee Annual
Reviews
The Supervisory Committee Annual Reviews are designed to perform an
in-depth review of the financial condition of credit unions. Our annual review
includes a list of minimum prescribed procedures that must be performed on
every credit union audit. These reviews comply with the National Credit Union
Administration and the Texas Credit Union Department’s regulations as well as
SAS No. 75. One of our principals has
over 18 years experience in performing financial services industry audits and
accounting, including significant experience with credit unions.
Opinion Audits- Full Scope or
Balance Sheet
The committee can engage Helin & Donovan, LLC to perform an opinion audit on the credit union’s financial statements. Under CUMAA, federally insured credit unions with $500 million or more in assets must have an opinion audit. The committee can engage an independent CPA to perform a balance-sheet only audit (in lieu of a full scope audit or Supervisory Committee Annual Review) of the credit union’s financial statements. This option is only available to credit unions with less than $500 million in assets.
Internal Audit Program
The internal audit "outsource" program is an in-depth review of
operations and internal controls is a cost-effective alternative to hiring a
full-time internal auditor and is specifically tailored to meet the needs of
credit unions.
ACH Audits
Beginning in the year 2000 ACH Audits are required annually. We can perform
the ACH Audit for your Credit Union.
Tax Compliance and Planning
Our firm can provide tax return preparation, tax return reviews, tax planning and consulting, and state and local tax compliance services for Credit Unions and their subsidiaries. One of our principals has over 13 years of experience in taxation.
Attestation Report- Internal
Controls or Laws and Regulations
The engagement will report on management’s written assertion about either (a) an entity’s compliance with requirements of specified laws, regulations, rules, contracts, or grants (specified requirements) or (b) the effectiveness of an entity’s internal control over compliance with specified requirements.
Investments Advisory Services
Our principals have significant
experience in evaluating, reporting on, or advising our clients with respect to
investments, investment policy and procedures, Asset Liability Management, and
investment products. One principal has
passed the Series 65 exam and the other has passed the Series 7 registered
securities representative exam.
Compliance Attestation Report
Regarding Federal Student Loan Programs
Financial institutions that originate or hold more than $5 million in loans under one or more of the Federal Family Education Loan programs in any fiscal year must have compliance attestation engagements. For lenders, the overall purpose of the “compliance audits” is to provide assurance to the Department of Education that (a) the lender’s ED Form 799s are materially correct and in conformity with identified laws and regulations and (b) the lender has complied with the Department of Education reporting requirements applicable to its participation in the Federal Family Education Loan Program. Our engagement will achieve these objectives.
Loan Reviews
We can provide an analysis over the adequacy of allowance for possible loan losses, evaluate compliance with the Credit Union’s underwriting requirements, evaluate the effectiveness of the Credit Union’s loan policies, and perform analysis of loan product profitability.
Performance Improvement and
Profitability
We can perform an analysis of the Credit Union’s operations or components thereof and perform benchmarking, peer comparisons, activity based costing analysis, target pricing, margin analysis, and other procedures to evaluate and improve performance and profitability of the Credit Union.
Agreed Upon Procedures Reports
We will provide engagements to perform procedures agreed to by the
Supervisory Committee or Board that can cover a wide range of issues facing
credit unions including fraud detection, expenses, reconciliations, account
verification, and other procedures.
The supervisory committee is responsible for insuring that the board of directors and management of the credit union meet all required financial reporting objectives and maintain internal control practices and procedures sufficient to safeguard members’ assets. To fulfill this responsibility, the supervisory committee must determine whether:
a. Internal controls are established and effectively maintained.
b. The credit union’s accounting records and financial reports are promptly prepared and accurately reflect the results of operations.
c. The plans, policies and control procedures established by the board are properly administered and conducted throughout the credit union.
d. Established policies and control procedures are sufficient to adequately safeguard against error, conflict of interest, self-dealing and fraud.
Additionally, the supervisory committee must carry out its responsibilities by ensuring that the credit union obtains a supervisory committee audit and performs verification of members’ accounts.
Our firm has the services and resources to assist credit unions of all sizes meet these responsibilities.