Internal Audit Services

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Why Internal Audit?

Regulators now focus increasing attention on the quality and effectiveness of internal controls. Internal controls are designed to mitigate the risk of loss from asset misappropriation, failure to comply with regulations, or inadequate financial reporting. Well managed credit unions receive significant benefits and risk mitigation from using the services of an internal auditor to evaluate the design, implementation, and effectiveness of the internal control system. While larger credit unions frequently establish an internal audit department, smaller institutions may benefit from utilizing the services of an outside consultant to perform this function on a quarterly basis or as needed.

Daren B. Tanner, P.C. provides internal audit services on a consulting basis to credit union clients. Internal audit services are typically provided at the direction of the Supervisory Committee and under the supervision of management. Sophisticated ACL audit software is typically used in areas such as loan reviews. This software allows the selection of representative samples and the identification of outlying data entries. Internal audit services include, but are not restricted to:

  • Internal Loan Review
  • Allowance For Loan Loss Review
  • Collection Department Review
  • Bank Secrecy Act Compliance Review
  • Loan File Maintenance Review
  • Share File Maintenance Review
  • Account Reconciliation Review (Cash, Investments, etc.)
  • Wire Transfer Procedures Review and Testing
  • Employee File Review & Payroll Testing
  • Segregation Of Duties Review
  • Bond and Casualty Insurance Review
  • SAFE Act Compliance Review
  • NACHA (ACH) Audit

Supervisory committees interested in receiving additional information and a typical quarterly internal audit schedule may contact Daren Tanner by email (daren@dbt-pc.com) or telephone (503) 352-3255.

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Every credit union has different requirements. Contact Daren B. Tanner, P.C. to learn what a credit union specialist can do for your credit union.