Practical, efficient engagements
Our team performs financial statement audit procedures designed to provide assurance over the institution's financial reporting and supporting accounting records.
Specialized Audit Services for Credit Unions & Community Banks
Community financial institutions play an essential role in serving local businesses, families, and communities. Maintaining accurate financial records, effective internal controls, and appropriate audit coverage is critical to protecting the institution and meeting regulatory expectations.
Intellgus provides professional audit and accounting services for credit unions and community banks, focused on financial reporting, internal controls, loan portfolios, investments, deposits, and allowance for credit losses. Smaller credit unions and community banks may be subject to annual audit, supervisory, or external audit requirements depending on their asset size, charter, applicable federal and state regulations, and institutional circumstances.
We provide audit and related assurance services covering the areas that matter most to smaller financial institutions. Our approach is designed for community-focused institutions that need practical, efficient, and well-documented audit support.
Our team performs financial statement audit procedures designed to provide assurance over the institution's financial reporting and supporting accounting records.
We evaluate significant account balances, transactions, disclosures, and supporting documentation while maintaining an efficient audit process.
Audit and related assurance services covering the areas that matter most to smaller financial institutions:
For eligible federally insured credit unions, NCUA Part 715 provides different ways to satisfy the annual supervisory committee audit requirement depending on the credit union's circumstances and asset size.
Credit unions with $500 million or more in assets generally must obtain an annual financial statement audit performed in accordance with GAAS by an appropriately licensed independent person. Smaller eligible credit unions may use permitted alternatives under the regulation. Intellgus can support credit unions with appropriate audit and assurance engagements based on their regulatory requirements and specific circumstances.
Our team performs financial statement audit procedures designed to provide assurance over the institution's financial reporting and supporting accounting records.
Intellgus can support credit unions with appropriate audit and assurance engagements based on their regulatory requirements and specific circumstances.
For eligible credit unions using a balance sheet audit as an alternative under applicable NCUA requirements, we perform procedures over significant balance sheet accounts and supporting records.
Loans are typically one of the most significant assets of a financial institution. NCUA's current supervisory committee audit guidance specifically incorporates procedures related to credit loss expense and CECL for applicable credit union engagements. NCUA requires member account verification at least once every two years.
Strong internal controls help financial institutions protect assets, maintain reliable records, and reduce the risk of errors and fraud. We can also provide procedures focused on internal controls over financial reporting and call reporting where an applicable engagement is appropriate.
Community banks have unique operating models and risk profiles. A smaller institution may not have the same internal audit resources as a large national bank, making an appropriately designed external audit program particularly valuable. For banks with less than $500 million in assets, FDIC examination guidance recognizes that institutions may use different approaches to external auditing. The FDIC strongly encourages an external audit program, while institutions with $500 million or more are subject to the external audit and reporting requirements of FDIC Part 363.
Smaller credit unions and community banks may be subject to annual audit, supervisory, or external audit requirements depending on their asset size, charter, applicable federal and state regulations, and institutional circumstances.
Intellgus provides audit and assurance support for community banks in areas including:
Depending on the engagement and applicable requirements, our audit procedures may cover the areas below.
Review of loan balances, interest income, delinquency information, charge-offs, and supporting documentation.
Testing of deposit or share balances, reconciliations, and supporting subsidiary records.
Review of securities, investment income, classifications, and supporting documentation.
Evaluation of supporting information and accounting related to expected credit losses.
Testing of cash balances, bank reconciliations, and related controls.
Review of capital, retained earnings, net worth, and related financial reporting.
Testing and review of transactions involving directors, officers, management, affiliates, or other related parties where applicable.
Review of disclosures for consistency with the applicable accounting and reporting framework.
We follow a structured audit approach designed for community financial institutions.
We begin by understanding the institution's structure, products, operations, regulatory environment, and financial reporting requirements.
We identify significant accounts, higher-risk areas, applicable regulatory requirements, and the appropriate procedures for the engagement.
Our team examines the general ledger, trial balance, supporting schedules, reconciliations, and other relevant financial information.
We perform substantive and control testing over selected transactions and account balances based on the scope of the engagement.
Exceptions and unusual items are investigated and discussed with management when appropriate.
We follow a structured audit approach designed for community financial institutions.
We begin by understanding the institution's structure, products, operations, regulatory environment, and financial reporting requirements.
We identify significant accounts, higher-risk areas, applicable regulatory requirements, and the appropriate procedures for the engagement.
Our team examines the general ledger, trial balance, supporting schedules, reconciliations, and other relevant financial information.
We perform substantive and control testing over selected transactions and account balances based on the scope of the engagement.
Exceptions and unusual items are investigated and discussed with management when appropriate.
Our services are designed for organizations such as the types below. For credit unions, the specific audit option depends on factors including charter type, asset size, and applicable requirements. For banks, requirements can also vary based on asset size, charter, state law, FDIC requirements, and the institution's circumstances.
We understand that credit unions and community banks have different accounting, reporting, and control considerations than ordinary commercial businesses.
Our objective is to perform meaningful procedures while keeping the engagement organized and efficient.
We consider the applicable regulatory framework when determining the appropriate scope and nature of an engagement.
Audit documentation, reconciliations, testing, and supporting schedules are maintained systematically throughout the engagement.
We examine significant financial statement areas and investigate unusual or inconsistent information where appropriate.
We communicate findings clearly so management, boards, audit committees, and supervisory committees can understand the results and address issues efficiently.
Smaller financial institutions need audit services that understand their business without creating unnecessary complexity. Intellgus helps credit unions and community banks strengthen financial reporting, evaluate important account balances, document audit procedures, and address areas of financial and operational risk. Whether you need an annual financial statement audit, supervisory committee audit support, balance sheet procedures, internal control work, or other assurance services, we can tailor our approach to your institution's needs and applicable requirements. Partner with Intellgus for practical, reliable, and professionally managed audit services for credit unions and community banks.
Federally insured credit unions have annual supervisory committee audit requirements. However, the type of engagement depends on the credit union's asset size and other applicable requirements. A federally insured credit union with $500 million or more in assets generally must obtain an annual GAAS financial statement audit by an appropriately licensed independent person. Eligible smaller credit unions may use alternatives permitted under NCUA Part 715.
The answer depends on the bank's circumstances and applicable federal and state requirements. FDIC guidance distinguishes institutions below $500 million from institutions at or above $500 million that are subject to Part 363 requirements. For banks below $500 million, the FDIC strongly encourages an external audit program, but the institution may have different permissible approaches depending on its circumstances.
Depending on the engagement, procedures can cover loans, member shares, investments, cash, credit losses, net worth, related-party transactions, internal controls, and financial reporting.
A supervisory committee audit is an annual audit responsibility applicable to federally insured credit unions under NCUA Part 715. Depending on the credit union's circumstances, the requirement can be satisfied through different permitted audit or review alternatives.
A balance sheet audit is one of the audit alternatives available to eligible credit unions under NCUA Part 715. It focuses on specified balance sheet accounts and related procedures rather than serving as the same type of engagement as a full financial statement audit.
Yes. Intellgus can provide audit and assurance support designed around the institution's size, operations, financial reporting needs, and applicable requirements.
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