CU audits

Credit Union Managers and Supervisory Committees are facing a sea of new challenges, including risks related to mergers and consolidation, shifting technology, on-line banking, increasing concerns about identity theft, the potential impact of Sarbanes-Oxley, and fallout from the USA Patriot Act and Bank Secrecy Act.

 

The environment that all financial institutions operate in is changing radically because of these and other recent events.  In part because of Sarbanes-Oxley, there is a trend towards the separation of internal and external audit functions.

As a result of changed expectations regarding corporate governance issues, the Board of Directors and Supervisory Committees will be held to a higher standard of responsibility.  This will result in increased outside scrutiny and the related potential for greater liability.  Credit Unions are operating in the same world as Enron and Arthur Anderson and are not immune to the consequences.  In this constantly shifting environment, it’s critical to make sure that policies, procedures, and compliance are up to date.

Yet many Credit Unions don’t have the resources to keep a full-time internal auditor or compliance officer on staff.  Credit Unions try to cover these functions by spreading the responsibilities among multiple staff members, or by including them as part of the required annual Supervisory Committee Audit.  However, staff members and external auditors have little time to focus on all of these issues in light of their other responsibilities.
Hiring out your internal audit expertise can help your Credit Union mitigate the risks of penalties, lawsuits, and NCUA censure in a very cost-effective way. Conducting pro-active periodic reviews of various operations and compliance areas can help your Credit Union run more securely, efficiently, and knowledgably.  You get “continuing education” in a way that applies directly to your operations.  And you can catch potential problems early, before they become real problems.
With over 20 years of Credit Union experience, her detail-oriented perspective, and her problem-solving approach, Helen M. McCann is uniquely qualified to provide independent operational and compliance reviews.  Helen’s goal is to help Credit Unions stay up to date, improve operations, and better serve their members.  Helen can work with you and your Credit Union to provide services within a fixed budget, conduct quarterly or other periodic reviews, and rotate coverage by area or location, depending on your needs.

Contact Me
Helen McCann CPA, P.C.
Phone: (503) 230-0560
Email: helen@hmccanncpa.com
Address: 5518 NE 38th Avenue
Portland, OR 97211
Captcha image for Custom Contact Forms plugin. You must type the numbers shown in the image