Independent Financial Statement Audits for Credit Union Service Organizations
A CUSO audit is easier when your auditor already understands how Credit Union Service Organizations operate.
CUSOs don’t always look like traditional operating businesses. Their ownership structure, financial reporting, and business model can differ from those of traditional businesses. An auditor needs to understand those differences before the audit gets underway.
Management shouldn’t have to spend the first part of an engagement explaining what a CUSO is or why its financial results look different.
Schultz & Associates provides CUSO audit services to Credit Union Service Organizations throughout the United States. Our audit team understands how CUSOs operate. We also understand the accounting, reporting, and audit issues that commonly arise during an engagement.
That experience helps us ask the right questions from the beginning. It also helps us properly scope the engagement and avoid creating unnecessary work for your management team.
Looking for a New CUSO Audit Firm?
Changing audit firms doesn’t need to involve a lengthy selection process.
We start with a Zoom meeting with your CFO, COO, Controller, or other members of management involved in the audit. We want to understand what your CUSO does and how it is structured. We’ll also discuss your reporting requirements, audit deadline, and any issues that could affect the engagement.
We’ll explain how we approach CUSO audits and answer your questions about our firm and the audit process. The meeting gives both sides an opportunity to determine whether the relationship makes sense before making a commitment.
If we believe we’re a good fit, we’ll typically provide a fixed-fee proposal within one or two business days.
CUSO Audit Experience Matters
The value of working with an experienced CUSO auditor goes beyond knowing the terminology. It’s about understanding how the organization operates.
CUSOs may operate with financial support from an owner credit union while developing services, technology, or infrastructure for longer-term growth. Others may provide services to multiple credit unions or operate businesses that look very different from the financial institution that owns them.
Those differences can affect audit planning, financial reporting, risk assessment, and other areas of the engagement.
When your auditor already understands CUSOs, your management team can spend less time explaining the organization. Instead, your team can focus on providing the information needed to complete the audit.
An Efficient Audit Should Also Mean a Competitive Fee
Experience also affects the cost of an audit.
An audit firm needs to understand a new client before it can properly plan and perform the engagement. When the auditor already understands CUSOs, less time is needed to learn the basic operating structure and determine how to approach the audit.
That doesn’t change the work required to perform an audit in accordance with professional standards. It does help eliminate unnecessary time spent getting up to speed.
We use our CUSO experience to properly scope the engagement and provide a competitive fixed fee. The fee reflects the work your audit requires. You’ll know that fee before the engagement begins rather than wondering how additional hours will affect your final bill.
Our CUSO Audit Process
Once you accept our proposal, we’ll begin planning the engagement. We’ll also provide an organized request for the information we need.
Our team reviews the information you provide and performs the required planning and risk assessment. We then coordinate fieldwork with your management team. Your staff will know what we need, when we need it, and what to expect as the audit progresses.
During fieldwork, we stay in contact with management and address questions as they arise. If we need additional documentation, we’ll communicate that directly. We take the same approach when we need an explanation of an account or transaction.
Our goal is straightforward: complete a thorough CUSO audit while keeping the process organized and minimizing unnecessary disruption to your staff.
Communication Throughout the Engagement
One of the most frustrating parts of an audit can be not knowing where things stand.
We don’t want your team wondering whether we’ve received the information you provided or whether additional items remain outstanding. You also shouldn’t have to wonder whether the audit is still on schedule.
Our team communicates throughout the engagement, from planning and fieldwork through completion of the financial statements and audit report. When an issue requires management’s attention, we’ll discuss it with you. We don’t want an unresolved issue to become a surprise at the end of the audit.
You should know where your audit stands and what we need from your team to keep it moving.
Planning Your Next CUSO Audit?
If your CUSO is considering a new audit firm, the process can start with a simple conversation.
Email Lew Boucher at lboucher@schultz-cpa.com to schedule a Zoom meeting. We’ll learn about your organization, discuss your audit requirements and timeline, and answer your questions about our CUSO audit services.
If we believe Schultz & Associates is a good fit for your organization, we’ll typically provide a fixed-fee proposal within one or two business days.
Lewis Boucher, CPA is Ready to Help with Your CUSO Audit
Lew Boucher, CPA is ready to assist you with your CUSO audited financial statement needs. Please click here to see his bio and get in touch with him.
You can reach Lew either by phone (734) 354-2380 ext. 110 or by email at lboucher@schultz-cpa.com
Jeff Schultz, CPA: CUSO Accounting and Tax Services
Jeff is available to discuss your CUSO’s needs and to help. Please click here to learn more about him and get in touch.
You can reach Jeff either by phone (734) 354-2380 ext. 104 or by email at jschultz@schultz-cpa.com.