AUDITING

New England Credit Union Services, LLC (NECUS) has been providing audit solutions to credit unions since 1989. Audit Solutions is the regional leader in credit union auditing because credit unions are our entire focus. A full range of services are available to assist your credit union. For more information, contact Kathleen Enderlin, Senior Vice President, Audit Services, at auditsolutions@cucenter.org or call the League office at 1-800-842-1242.

Annual Audits
The Supervisory/Audit Committee Annual Audit is provided in accordance with generally accepted auditing standards. These procedures are designed to satisfy the statutory audit requirements, as set forth in NCUA Rules and Regulations, Section 715.7(c) and the state banking department. In addition to analyzing the financial condition of your credit union, the internal control environment is also reviewed. We provide timely, detailed findings. The credit union’s Board, Supervisory/Audit Committee and management are provided with audit findings, recommendations and technical assistance.

Internal Audits
Your credit union can receive year-round auditing support that can help you save time and money. By conducting more frequent reviews and analyses, potential problem areas can be brought to your attention on a more timely basis. Internal controls can be reviewed and improved. Important information, analyses and recommendations are provided within two weeks of each audit. These interim audits can ease your Supervisory/Audit Committee’s responsibilities and provide your credit union with valuable information. Resolve issues before they become problems. This audit is specifically designed for your credit union.

Certified Opinion Audits
New England Credit Union Services, LLC cannot issue opinion audits. Credit unions desiring an opinion audit can contact Paul Braney of Bollus Lynch, LLP at pbraney@bolluslynch.com.

Compliance Audits
There are many compliance-related audits:  from Regulation B – Equal Credit Opportunity Act all the way through to Regulation DD – Truth-in Savings.  These audits include:  savings-related audits, lending-related audits, IRS reporting, employment-related audits, HR audits, IT audits.  Policies, procedures, documentation and tests are provided to review your credit union's compliance. A one-time audit or on-going audits are available to assist your credit union in the ever-changing regulatory environment.

ACH Audits
All credit unions that send and/or receive ACH transactions are required to have an annual audit by National Automated Clearing House Association (NACHA). Audit Solutions can perform an ACH audit for your credit union.

USA PATRIOT Act
Per NCUA's Rules and Regulations, Part 748.2(c)(2), the credit union must independently test compliance with the Bank Secrecy Act (BSA). NCUA's Letter to Credit Unions, 01-CU-25, states that all federally insured credit unions must be in compliance with the Office of Foreign Assets Control regulations (OFAC) which is a part of the U.S. Department of Treasury. The USA PATRIOT Act enhances BSA requirements and has ties to OFAC requirements. BSA objectives include: review of internal controls, test for compliance, determine if personnel are trained, review CTRs (cash transaction report). OFAC objectives include: determine that personnel are aware of OFAC obligations, that a risk analysis was conducted and documented, that policies/procedures address compliance and oversight with OFAC requirements, randomly test policies/procedures to verify internal compliance, make a determination as to the effectiveness of the credit union's procedures.

Gramm-Leach-Bliley Act (GLBA) Audit
This audit involves privacy and protecting member information – NCUA Rules and Regulations Part 716 and 748.