auditing firms, at Financial Standards Group credit unions are our only clients.
With over 250 credit union clients of varying asset sizes nationwide, we have
developed an audit approach with the sole purpose of providing the finest
quality auditing services available to the credit union system. This broad
operational base provides us with valuable information regarding experiences and
techniques which have been proven to be successful in the credit union system.
Our experience with credit union auditing provides for substantial time
efficiencies, which in turn results in the most competitive price possible.
In addition to a financial audit, our approach includes reviews of regulatory compliance, internal controls, credit union policies, as well as other operational issues.
As part of the audit, complete cash counts will be performed on a surprise basis, including travelers checks and money orders. Additionally, we will meet with management for a planning meeting to ensure all records needed are available to commence the year end fieldwork.Supervisory Committee Annual Audits
Financial Standards Group offers supervisory committee audit services to all credit unions. These audits meet the Supervisory Committee's annual audit requirements as outlined by the credit unions' supervisory agency.
All Supervisory Committee audits include a review of the credit union's financial records and a detailed operational review. The results of these reviews are included in a written management report which also lists recommendations to improve any deficiencies noted.
All of FSG's Supervisory Committee audits are supervised or reviewed by management staff who are very experienced in credit union auditing. While our Supervisory Committee annual audits are designed to satisfy regulatory requirements, we have designed our reviews to be "user friendly" and help operating personnel to become more efficient and productive.
We offer the Supervisory Committee a one-year or multi-year fixed-fee engagement. Our fee not only includes a written management report explaining our findings and our recommendations for improving the credit union's operations. but a briefing of the Supervisory Committee, management, and the Board of Directors at the conclusion of our audit field work.
Internal Auditing Services
As a credit union grows in size and complexity, and management takes on increased responsibilities, the need arises to establish a level of control in addition to that provided by management. Internal auditing fulfills this function as a control designed to assist management in ensuring that the credit union is able to accomplish its goals and objectives.
The internal auditing services offered by Financial Standards Group present an attractive alternative for credit unions who do not wish to manage their own internal audit functions, or who do not feel that their asset size warrants a full-time internal auditor. In addition, FSG can provide the highest levels of objectivity and independence.
Internal auditing services have been designed to act as an aid to management in assisting them in directing the credit union. In addition to auditing for verification and compliance, this comprehensive internal auditing program includes procedures designed to test for economy, efficiency, and effectiveness.
Financial Standards Group will work with credit union management, the Supervisory Committee and your external auditors to identify audit objectives, develop an audit plan, and to establish audit work priorities.
The frequency and severity of losses associated with embezzlement and internal fraud in financial institutions has continued to rise over the years. Credit unions, unfortunately, have been no exception. Embezzlement related losses far exceed the amounts stolen through burglary and robbery. Thus, it is important that a comprehensive credit union auditing program include procedures that are specifically designed to detect internal dishonesty.
Financial Standards Group offers employees who are very experienced in performing fraud reviews for credit unions. These audits are designed to focus on the most common types of embezzlements committed in credit unions and to identify them at an early stage. A fraud review includes extensive compliance testing of internal control procedures and will identify areas where controls are not being followed or need to be implemented.
In addition, Financial Standards Group can provide assistance in substantiating bond claims. We can help satisfy the bonding company, and ensure that the full extent of fraud is properly and accurately reported.
Loan Analysis And Review
Typically, loans outstanding constitute the single largest asset on the books of credit unions. This fact necessitates particularly close monitoring to ensure proper protection, which means that credit unions must continually update lending policies and procedures.
Financial Standards Group's qualified loan auditors/reviewers are trained to review credit union loan policies and help management monitor this critical area. From lending regulations to collection practices. FSG will help your credit union better protect itself from unwanted problem loans and charge-offs.
Our reviews will not only ensure loan officer compliance with established loan policies, but our recommendations could save you thousands of dollars for years to come!
Management Advisory Services (MAS)
Financial Standards Group offers a variety of Management Advisory Services designed to assist credit union management in making appropriate decisions regarding their auditing and systems functions.
EDP System Analysis and Selection
FSG will assist your credit union in analyzing various EDP systems in order to select the system that most closely matches your credit union's present and future needs. Identify the appropriate system for your credit union before costly mistakes are made!
Business and Strategic Planning
The key to a successful auditing program, whether internal or external, is audit planning. FSG will work with your Supervisory Committee to identify your strategic objectives, assess risk, develop action plans, and to establish audit priorities.
Establishing An Internal Audit Function
For a credit union to derive the maximum benefit from an internal auditing function, it is important that the program be properly structured and defined. Financial Standards Group's experienced staff can help your credit union set up this important function so that its full potential can be achieved.