Interim/Internal Audit

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Annual audits are not always enough to ensure your credit union’s compliance. As the rules and regulations change and financial products grow in complexity, periodic examinations may be in order. CUACG offers quarterly audits to ensure your credit union remains at peak performance. Audits are performed as of each calendar quarter end and are typically completed over a two-day period.

Interim Audit

Below are the procedures for each interim audit:

  • Cash and consigned inventory review to include surprise cash counts, review of bank reconcilements, and internal cash and negotiable item controls
  • Loan review of selected member loans, loans to officials, employees and their family members, MasterCard and/or VISA loan program and delinquency testing
  • Review of activity in officers, directors, employee and family member accounts
  • Review of File Maintenance Reports for management approval and member change authorization
  • Review of or confirm a sample of new and closed accounts
  • Review or confirm activity in dormant accounts
  • Assist external auditors and regulators as deemed necessary

Internal Audit

Below are the procedures for each internal audit (this may also include any interim audit procedures):

  • Review and vouch all fixed asset acquisitions exceeding a specified limit
  • Review a sample of clearing account activity and related reconciliations
  • Review procedures for handling overdrawn accounts
  • Review line of credit and credit card limits and exception reports
  • Review additions to investment portfolio for proper authorization
  • Review sales of investment for proper recognition of gain or loss, if any
  • Review of internal controls surrounding selected areas
  • Provide training to credit union account department personnel as deemed necessary
  • Evaluation of operational policies and procedures
  • Review loans charged off since the last interim
  • Review and test security program
  • Review and test Bank Secrecy Act compliance
  • Perform GAAP analysis
  • Review of Allowance for Loan & Lease Losses (ALLL) calculatio

Contact CUACG today to sign up for your interim audit!

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Important Message

You are now leaving the Credit Union Auditing & Compliance Group's website. When you click on OK you will be transferred to a website that is not operated by the organization. The Credit Union Auditing & Compliance Group is not responsible for the content on the alternate site. Credit Union Auditing & Compliance Group does not represent the third party. Privacy and security policies of the alternate site may differ from those practiced by the organization.


Important Message

You are now leaving the Credit Union Auditing & Compliance Group's website. When you click on OK you will be transferred to a website that is not operated by the organization. The Credit Union Auditing & Compliance Group is not responsible for the content on the alternate site. Credit Union Auditing & Compliance Group does not represent the third party. Privacy and security policies of the alternate site may differ from those practiced by the organization.