In tough economic times, internal audits take on new importance
Recently the National Credit Union Administration (NCUA) and the American Institute of Certified Public Accountants (AICPA) reminded business leaders that internal controls are more important in tough economic times than they are in good times.
Pressures to make things look profitable and the temptations for fraud are at an all time high, the accounting boards suggested. If you need support for your internal audit team because of cutbacks or if you are looking to outsource the entire process, we have credit union audit experts and internal audit services that can help.
Customized solutions to your internal audit needs
Prior to joining the firm, members of our internal audit team worked for financial institutions in a number of capacities. Now they serve hundreds of financial institutions as members of the Plante Moran financial institutions internal audit services team.
They draw on their experience of working for financial institutions and their experience serving Plante Moran clients to better serve you. They will also listen closely to you so they can help you develop an internal audit program designed to meet the specific needs of your credit union.
Our general approach to a credit union audit will be to help you develop an internal audit process that manages your risk while making sure that your processes and procedures comply with regulatory demands.
A risk assessment sets the tone
Conducting a formal risk assessment will be the first step of the credit union internal audit. During this process the internal audit team will consider various factors including regulatory expectations, growth, changes in the types of products offered, direction from management and your supervisory committee, audit results from the prior year, and industry changes.
The team’s regulatory-compliant, risk-based solutions to your internal audit needs will provide in-depth, fact-based results directed towards improving your internal control environment concurrent with maximizing operational efficiency and effectiveness.
Reports come with suggestions for improvement
You will appreciate the experience of our credit union internal audit team when you receive your internal audit reports. The reports will compare your processes and procedures to “best practices” and where areas of weakness are found, the internal audit team will suggest ways to improve.
Each internal audit includes the appropriate planning, execution, and reporting along with professional standards-based work papers and supporting documentation.