Audit Services for Credit Unions

Specializing in audit services for credit unions, our firm serves more Iowa credit unions than any other firm in the state.

As the financial industry continues to become more competitive, credit unions have re-invented themselves. As the business risks and regulatory requirements for credit unions continue to increase, you need a firm with advisors who have an intimate understanding of the industry.  As a firm specializing in audit services for credit unions, we have that insight and can help you maintain your edge, identify key performance indicators, and help you create a plan to grow your assets while serving your members.

Leading in audit services for credit unions, Gardiner Thomsen boasts more than 25 years of experience working with credit unions, and we have purposely structured ourselves to have several employees concentrate almost exclusively on the needs of the credit union industry. To further expand our expertise in audit services for credit unions, and better assist our clients (ranging in size from $2 to $200 million in assets), members of our credit union team attend the National Conference on Credit Unions, sponsored by AICPA. Our team also strives to be proficient with several data processing systems, including EDS, FISERV, Harland and CUSA.

The GT Advantage

When you work with Gardiner Thomsen, your audit is conducted by Iowa’s leading CPA firm offering audit services for credit unions, a team of professionals with years of experience and insight into your industry. This experience allows us to perform your audit efficiently and effectively, using programs developed by experts in the field, which are updated annually to include information from the National Credit Union Association and other regulatory organizations.

We will interpret what we learn about your credit union, over the course of the audit, to provide you with value-added feedback and suggestions. Plus, we are large enough to offer the wide range of services required by some of Iowa’s largest credit unions, yet small enough to maintain a close relationship with each of our credit union clients, regardless of their size. We deliver exceptional personal service by professionals that care about the success of your credit union.

Credit Union Audit Services

Frequently, the definition of an audit is used loosely when talking with credit unions about an auditing engagement. Credit union executives and supervisory committee members may ask for a quote for audit services, but they typically have a different expectation of what an audit may entail versus what CPA’s usually consider an audit to be. Unless a credit union’s assets exceed $500 million, the use of a CPA is voluntary. So, when we talk with credit unions, we explain the different engagements we can perform that would meet their expectation of an “audit”.

Typically, most credit unions are looking for either an opinion audit or an agreed-upon procedure engagement. Under National Credit Union Association (NCUA) rules, Part 715, a CPA can perfrom the following engagements in assisting supervisory committees:

• Financial statement audit (opinion audit)
• Balance sheet audit
• Report on Examination of Internal Control over Call Reporting
• Audit per supervisory committee guide (agreed-upon-procedures engagement)

In addition to a variety of audit services, Gardiner Thomsen also offers a wide range of specialized services.  Following is just an example of some of those services.  If your credit union’s needs extend beyond those listed here, please contact us.  We would be happy to customize our services to meet your specific needs.

Specialized credit union services we offer:

• Supervisory committee audits
• Bank secrecy act attestations
• ACH audits
• Member account verification
• Budget and projections
• Merger analysis
• Cost evaluations
• Internal controls analysis
• Board Governance Issues