Audit Services

The Audit Services Department of CU-SERVE provides audits and audit-related services for credit unions. The programs and services described below are tailored to meet the individual needs of your credit union.

Annual Supervisory Committee Audit: We perform supervisory committee audits to meet the requirements of section 701.12 of the Rules and Regulations. We have provided this service for credit unions of all sizes. Our procedures are streamlined and effective, allowing us to provide cost-effective and thorough audits that will meet regulatory requirements. Management is then provided with results and information regarding the records and operations of your credit union.

Credit Union Account Reconciliations: We provide cash account reconciliation services for credit unions who desire (1) monthly reconciliation services; (2) an outside review of the account reconciliation for control purposes; (3) assistance in troubleshooting out-of-balance conditions.

Member Account Verifications: Credit unions can utilize CU-SERVE audit service to assure that key procedures required for a proper member account verification are performed independently and outside the control of credit union management.

Internal Audit Services Internal audit services are available to credit unions that are striving to perfect credit union control procedures and still provide quality service to its members. Whether your credit union is considering a review of one of the major accounting cycles, an internal evaluation of departmental procedures, or desires an ongoing audit function, CU-SERVE Audit Service can meet your needs with specialized audit programs to match the level of service your credit union needs.

Loan File Review: Our staff professionals have performed many loan file reviews and can offer valuable assistance in obtaining proper loan policies. These policies are evaluated to assure that the most important assets on your balance sheet are properly documented, serviced and monitored.

CEO Change Audit: Should you have a change in key management and desire greater knowledge regarding the records of your credit union, CU-SERVE can perform select procedures on key areas of your operations and records so that outgoing and incoming management will be informed of the state of the credit unions records.

Internal Control Evaluations/EDP Review Services: CU-SERVE Audit Services can perform select agreed-upon procedures to evaluate your credit union's internal controls and electronic data processing (EDP) functions. These services can review the credit unions procedures and controls more extensively than the requirements under the current supervisory committee regulation.

Special Projects: We can work with your credit union management to reconstruct records, assist in bond claims, and other special research projects to meet your credit union's individualized needs. If there is a financial analysis or other research to be performed, CU-SERVE Audit Service can meet your needs.

Full Service Internal Audit: Full Service Internal Audit co-sourcing is available for credit unions to improve their operational controls, create greater efficiencies and help credit union management and supervisory committees perform their duties with greater effectiveness.

Types of internal audit services include:

• Operational--evaluate processes and systems for effectiveness and efficiency.

• Compliance--compliance with rules and regulations.

• Fraud--detect and deter internal and external errors and irregularities.

• Data Processing - test standards, procedures and controls over data processing systems and operations.

Areas of focus which fall under the above mentioned audit types may include but not be limited to:

• ATM Audits

• Administration Audits

• Accounting Audits

• Branch Operations Audits

• Collections Department Audits

• Compliance Audits

• Credit Card Audits

• Delivery Systems Audits

• EDP/ Information Systems Audits

• Financial--economic activities and financial condition

• Operations Audits

• Special Investigations

• Security Program

On-going Supervisory Committee Audit Procedures: Other duties and responsibilities of the supervisory committee can also be fulfilled through monthly or quarterly reviews performed by the CU-SERVE Internal Audit Service Group. Those duties required to be performed by the supervisory committee on a regular basis include:

• Loan file reviews

• Surprise cash counts

• Official and staff statement reviews

• Member account reviews

• File maintenance

• Corporate Central cash/cash account reconciliation

• Investment reviews

• Policy and procedure reviews

• New and closed accounts

• Related party transactions

• Ongoing preferential treatment reviews

• VISA controls reviews

• Wire transfers/EFT/Federal wire

Depending on the skill level of your supervisory committee, time availability to meet those demands and credit union resources, the CU-SERVE Internal Audit Service group can tailor internal audit and supervisory committee audit procedures to meet your credit union's needs.

Call us for an opportunity to show you how internal audit services can be tailored to facilitate your credit union's controls and operations.

For further information regarding the services offered, or for credit union audit and accounting-related questions, please contact Lynn Kuehne at 800.662.8684 ext. 312 or 887.2331.