Credit unions are unique financial institutions. Owned and run by its members, these cooperatives operate to meet financial needs by pooling resources through payment of an one-time “share” fee to become members and establish ownership. Money raised through cooperative structures is used to finance products and services for its owners’ benefit, creating an atmosphere unlike anything you would find at a bank; members genuinely wish to work together, support each other and increase mutual prosperity. Social, cultural or employer associations that bring members together often help form strong ties that create trust and loyalty among them. Coupled with shared ownership in a credit union, these ties create an unrivaled level of trust between members.
As non-profit institutions, credit unions are exempt from certain taxes that would ordinarily be passed onto customers, enabling them to reinvest any savings back into their organization so as to offer members competitive interest rates that often lower than banks’. This enables credit unions to provide many people with financial means they need for success in life.
Though becoming a member of a credit union can bring many advantages, there are also certain risks to keep in mind. One such risk is regulatory oversight of credit unions; therefore it is essential that you work with professionals that possess in-depth knowledge about this industry.
Our knowledgeable team understands the unique needs of credit unions, providing value-added services. With years of experience helping credit unions navigate tough environments, our credentials will enable your institution to flourish.
NCUA’s Transparent Accounting Process (TAP) mandates examiners to consider all aspects of an examination rather than simply static balance sheet data. Our financial institution specialists are experienced at performing TAP engagements and can help your credit union avoid costly errors.
Credit unions with assets of $500M or more must comply with generally accepted auditing standards by conducting a financial statement audit every three years, per GAAS. Our supervisory committee audits provide smaller credit unions the means to meet this obligation at an affordable cost compared to full scope audits.
Staying current with ever-evolving BSA/AML regulations can be a challenging feat for credit unions. Our dedicated BSA/AML team can assist your credit union in avoiding costly errors and remaining compliant by providing audit, review, and monitoring services tailored to meet its independent testing requirements.
As the premier credit union audit firm, we understand the intricacies involved with running a credit union. With our deep understanding of your business’s inner workings, we can deliver comprehensive reports that meet both regulatory standards and your own expectations.