CU Pacific offers supervisory audit solutions

Posted by Laurie Moore
on "May 16, 2017 2:49 pm"

A fundamental duty of a credit union supervisory committee is to complete the mandatory annual audit and provide a report to the credit union’s board of directors.

CU Pacific Audit Solutions, LLC (CU Pacific) has provided audit, compliance, and accounting services exclusively to Hawaii credit unions since 1991. Its highly trained professionals are committed to the credit union industry and experienced management ensures compliance with current regulatory and auditing guidance as well as seamless conformity to future changes.

CU Pacific performs supervisory committee audits that far exceed the requirements of section 701.12 of NCUA Rules and Regulations. The audit procedures include an operational review of internal controls and are designed to assess risk and minimize the risk of fraud by offering best practice recommendations.  

The supervisory committee can choose one of three audit options:

  1. Balance sheet audit 
  2. Report on Examination of Internal Control over Call Reporting 
  3. Audit per “Supervisory Committee Guide”—performed in accordance with procedures set forth in NCUA’s Supervisory Committee Guide*

Upon completion of the audit fieldwork, CU Pacific will meet with the supervisory committee and management to discuss comments and recommendations. This includes an overview of financial condition and trends, financial and accounting issues, loan issues, internal control issues, and best practices. The final written report on operations is prepared and issued within 30-45 days after the audit date. CU Pacific also offers free telephone support throughout the engagement period.

When your credit union is planning its annual supervisory committee audit, call CU Pacific at 808.942.7565 or toll-free from neighbor islands at 888-432-8772. Visit their web site at https://www.cupacific.com/

*Option #3 meets regulatory requirements and is the most cost effective choice for your credit union.