When your Credit Union needs audit or advisory services, you want an accounting firm that is familiar with the many nuances that make credit unions unique. At YHB, we offer customized solutions tailored to your credit unions specific needs.
As a client of YHB, you can expect timely responses and exceptional service. Services that we provide:
You already know that a federally or state-chartered credit union is required to obtain an annual audit every twelve-months but fulfilling these audit requirements and understanding your options is often confusing.
According to the Rules and Regulations Part 715 from the National Credit Union Administration (NCUA), credit unions are allowed to opt for a Supervisory Committee Audit if they are under $500 Million in asset size. This could mean thousands of dollars in savings compared to conducting a full scope financial statement audit!
Supervisory Committee Audits can be performed by the supervisory committee, the internal auditor, or any other qualified person (such as a certified public accountant) to satisfy the minimum requirement. When conducted by a CPA firm, parameters can be established as a set of Agreed Upon Procedures (AUP) and be completed extremely efficiently.
Small- or medium-sized credit unions might not be required to perform an audit of their financial statements. For those who choose not to perform an audit, we can conduct a Supervisory Committee agreed-upon procedures engagement which fulfills NCUA Supervisory Committee and State of Maryland/Virginia Commissioner of Financial Regulation requirements.
Credit unions are required by the NCUA to perform a verification of accounts, at least biennially. We can assist you in performing this verification as either part of an agreed-upon procedures or audit engagement or as a separate engagement.
We offer both sample verifications and 100% verifications. Our verification procedures are performed in accordance with the Practitioners Publishing Company Guide to Audits of Financial Institutions.
Not every financial institution director has a background in audit, accounting, or finance. We can help directors to better understand the financial institution operations and accounting system so that they can better serve their customers and investors. Our training sessions can be tailored to fit your specific needs.
When your credit union needs advisory services, you want an accounting firm that is familiar with the many nuances that make credit unions unique. At YHB, we offer customized solutions tailored to your credit union’s specific needs.
We take pride in our process and invest in the technology and resources to limit and even eliminate out-of-pocket expenses for travel and accommodations. Using industry proven document request management software, your management team, as well as your YHB engagement team, can actively monitor exactly what has been provided to complete your services timely and efficiently.
What this means for you:
YHB is proud to serve Credit Unions from Delaware to Virginia and everywhere in between. Our team is positioned to help your Credit Union serve members and community while running a prosperous business. YHB’s industry knowledge is ready to help you mitigate risk, navigate complex changes and provide your members with confidence.