For those clients who do not require a certified audit, we can perform a Supervisory Committee Guide Audit. Although this type of audit does not offer an opinion, it does satisfy the minimum requirement for the Supervisory Committee to comply with regulatory agencies.
According to section 715.7 of NCUA Rules and Regulations, “The sufficiency of the procedures, judgments about materiality, and any need for additional or expanded procedures, remains the responsibility of the supervisory committee. The supervisory committee, internal auditor, or other qualified person may need to perform additional procedures to supplement these procedures, based upon the credit union’s risk profile and products and services offered.
Nearman, Maynard, Vallez, CPAs, P.A. follows NCUA's minimum guidelines and we convey our findings in a management report containing recommendations for internal control and improving operating efficiency.