Our SC allows the CEO to attend our monthly meetings, another employee to take minutes as well as managers if necessary along with our four committee members. I think we have an independence issue. The CEO wants to take charge when at all possible.Can you tell me who attends your regular SC meetings and any reporting (administrative etc.) responsibilities to the CEO?Thanks so much.
Hi,
I'm curious how often your credit union gets a legal opnion on your dealer contracts/agreements? Is it sufficient enough to only have a legal opinion on the contract once if it hasn't been updated since then?
Thanks for the feedback in advance!
Samantha Cornell
BayPort Credit Union
Curious if anyone has in place a ACH Risk Managment policy/program that is implemented in which they could share. This is inluded as part of the ACH Risk Assessment. Any information/documents you could provide would be greatly appreciated.Thanks
We do not require employees take a minimum number of consecutive vacation days. Is this a control used by your credit union? If yes, is it specific to perceived high risk positions? Any input you might have will be appreciated. Thanks, David ButzBlackhawk Community Credit Union
Does anyone have any recommendations for companies that perform commercial loan reviews? Thanks!
Our committee has shared our plan in the past with both board and management. They are considering constricting this somewhat, and asked me to poll the ACUARP members:Do you share your audit plan with both board and management?Or board only?Another option we discussed was to share the plan with either, but scramble the calendar, to avoid having management "clean up" an area right before an audit. Does any IA department out there do that?
I'm interested in knowing if there is a Credit Union that is successfully using the Kiting piece of Verafin. Our staff has claimed that it is cumbersome and not effective - I'm trying to find out what we are missing or not doing. We have found Verafin to be a very helpful tool - but just not with Kiting - yet.
Does any of your Credit Union's send out new account verifications? If so, can you please provide me a copy for review. If not, are there are other procedures someone at your CU is performing in replacement of new account verificaitons? If so, what?
At your credit union, which employees will you be registering with the NMLS to comply with the S.A.F.E Act?
I am beginning my audit for our Business Loans and Participation Loans. Would anyone be willing to share a copy of their Audit Reports?Thanks,Randy Brackmanrandy@waunafcu.org
If you have a 100% wholly owned CUSO, does the CUSO have a Board of Directors?
If the CUSO has a Board, who is on the Board (e.g. member credit union mgmt, members credit union BOD, independent volunteers)
What is your $$ threshold for capitalizing fixed assets (as opposed to expensing the purchases)?
I am in the middle of auditing our cash handling am I am questioning the vault limits or lack of. Right now I have Retail Services stating it's an accounting function to establish and monitor vault cash limits and I have Accounting pointing back saying it's retail services function.My vote is for Accounting.Who at your CU establishes and monitors cash limits? Laymen GrantManager Internal AuditFranklin Mint FCU
Hi All,I am performing an indirect auto lending audit. Currently, we have stated in our dealer contract that the dealer reserve will be based off the "amount financed". I am curious if anyone is basing the dealer reserve off the sale price of the car instead of the amount financed, which includes any warranties, processing fees, etc.? How is your credit union computing the dealer reserve amount?Thanks in advance!Samantha CornellBayPort Credit Unionscornell@bayportcu.org
What is your credit union's policy on employee overdrafts? Do you allow them if an overdraft fee is being charged on each transaction? It think our policy is took lack! Thanks so much.
Everytime I post on the Forum I get kicked off the Internet. I have to get back into the ACUIA website and click on Forum (at least I don't have to go thorugh ID/password again). Is it just me, so the problem is on my end or does it happen to others?
Federal credit union bylaws state that The applicant is admitted to membership after approval by directors, a majority of the executive committee, or a membership officer. We use the membership officer approach. Currently our membership officer signature stamps all applicatiosn and we want to get away from that - particulrly because of online applications where there is nothing printed to stamp. There is nothing in FCU bylaws that says membership officer has to sign applications. How do your membership officers handle approving applications?
Would anyone be willing to share a new consulting engagement sample letter/memo?
Thanks!
Our external auditors do both our financial statement audit and our 401K/profit sharing audit. As of 1/1/11, the Wealth Management group of that firm became our 401K Third Party Administrator. The external auditors say that it is NOT a conflict of interest to be the plan TPA and audit the plan financials - because the firm does not have custody of the plan assets. Would you find new external auditors to do the 401K audit? What about the financial statement audit?
Based on information we received from our CPA, all FHA approved lenders now need to have an annual audit performed. Our CPA indicated that the audit is required as part of the reapplication process and does not need to be done if the CU does not chose to reapply in 2011. Also, the requirement of the audit is not dependent on the volume of FHA lending you do. In other words, if you reapply and don't originate, the audit still needs to be performed.
Our Branches are exploring the use and purchase of counterfeit pens that have a UV LED light at one end which can detect if the sensitive strip in bills is present on $5.00 bills and larger. The other end has the traditional marker. Do any Credit Unions use these? If so, could you please provide an opinion on them?
Hi all,
looking for anything for completing a website audit...send to my email if you have such a thing.
thanks,
I am working on revamping our audit program for indirect/dealer loans. Does anyone have an audit program for this area that you would be willing to share? Any information would be greatly appreciated.
Thanks,
Colin Boone
Internal Auditor
RCU
Email: colin.boone@rcu.org
Does anyone have a copy of an E-Banking Audit Program as well as an Audit Program for Phone Center Operations?
Any help would be greatly appreciated. Thank you
David Sherman
Internal Auditor
First Credit Union
dsherman@firstcu.coop
One of my co-workers is starting an audit of our Card Services department. Does anyone have an audit program that they would be willing to share?
Thanks so much!
