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Audits
When your credit union needs an external audit, the League stands
ready to assist you. Our business associates at Audit
Services are experienced professionals with a proven track
record of helping credit unions with:
 | Certified Financial Statement Audits |
| Supervisory Committee Audits |
| ACH Audits |
| Compliance Audits |
| Internal Auditing |
| Fraud Reviews |
| Quarterly Reviews |
| Member Share & Loan Verifications |
| Mail Ballot Elections |
| Accounting Assistance |
Important Information about ACH Audits
National Automated
Clearing House Association rules mandate that all financial
institutions that receive or originate an ACH must complete a
self‑audit annually, by December 1 of each year. You will need this kind of audit if your credit union
originates or receives:
| direct
deposits of payroll into member share accounts,
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| direct
deposits applied against loan balances for payments on loans, or
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| government
payments, such as Social Security, into member accounts.
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The
following excerpts from the ACH Rules outline apply
to the annual ACH audit:
- Each
participating depository financial institution (credit union) shall conduct
audits of its compliance with ACH rules in accordance with Appendix 8 (Rule
Compliance Audit Requirements).
- Beginning
with the year 2000 and each successive year thereafter, an ACH audit shall
be conducted no later than December 1.
- The
audit shall be performed under the direction of the audit committee, audit
manager, senior‑level officer, or independent (external) auditor.
- Proof
that the annual ACH audit was performed must be maintained for a period of
six (6) years from the date of audit and provided to NACHA upon request.
- Enforcement
procedures will be applied in the event of an ACH Rules violation that is
the responsibility of the participating depository financial institution
(credit union).
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