For many credit unions, maintaining an internal controls department can be cost prohibitive. Waypoint can perform periodic internal control testing on and off-site for credit unions at an affordable cost.
With current technology and communication capabilities, internal audit services can be provided to credit unions with no travel related expenses. Secure portals and web based communications can allow for a service to be completed off site at a significant savings. Our internal controls testing program includes the following procedures:
Our internal controls testing program includes the following procedures:
- Board Minutes and Lending
- Review Minutes for Accounting/Control Issues
- Loans Written-Off vs. Bd. Approval
- Allowance Account Review
- Loan Review
- Loan File Review
- Real Estate Review
- Insider Review / Controls
- Insider Account Review
- Insider Loan Review
- Cash Controls in Accounting
- Bank Reconciliation Review
- Outstanding Checks
- Credit Card Statement review
- Payroll Reports Review
- Travel Reimbursements Review
- Cash Controls
- Cash Counts – Tellers
- Cash Counts – Vault
- Cash Counts – ATM
- Traveler’s Checks Inventory
- Debit Card Stock
- Account Controls
- Returned Mail Controls
- Address Changes
- Closed, Dormant, and Deceased Letters
- New Account Letters
- Override Report Reviews
- Verification of Activity in Dormant Accounts
- File Maintenance Review
- Address Changes
- Rate Changes
- Due Date Changes
- Dormant Accounts
- General Ledger Accounts
- Verification of Individual Expense Billing
- G/L Account/Reconciliation Review
- Specialized Reports Review (AIRES Analysis)
- Loans with Accrued Interest Greater than Payment
- Delinquency Comparison
- Loans by Rate
- Shares by Rate
- Paid Ahead Loans > 90 Days
- Loans with no activity 180 days
- Negative Shares
- Loans delinquent over 180 days
- Shares below par value