Cottrill Arbutina’s Credit Unions Group provides audit and management consulting to credit unions of varying asset sizes including four of the largest credit unions in the Western Pennsylvania region.
In the wake of the downturn of the nation’s economy resulting in increased regulation and tighter-than-ever reins on prospective mergers, Cottrill Arbutina’s team closely monitors the constantly changing rules of the National Credit Union Administration (NCUA). Members of the firm’s team, some with more than three decades of credit union experience, regularly attend annual credit union conferences held by the American Institute of Certified Public Accountants (AICPA) and the Association of Credit Union Internal Auditors (ACUIA).
In addition to providing audits in accordance with generally accepted accounting principles (GAAP) and supervisory committee audits in accordance with the NCUA’s Supervisory Committee Guide, Cottrill Arbutina also provides independent compliance audits in accordance with the Bank Secrecy Act, NACHA-Electronic Payments Association automated clearing house rules, Secure and Fair Enforcement for Mortgage Licensing Act(SAFE Act) and Red Flag Rules and Guidelines.
Along with our audit report, clients receive a detailed letter containing expert recommendations on how to improve or enhance their internal control systems. Please see our article, “Are You in Compliance with Audit Requirements," for information regarding complying with regulatory audit requirements.
The firm also provides contracted internal auditor services for credit unions that are not large enough to warrant full-time staff. This not only provides clients with the benefit of continuity, but also the specialized industry expertise available at all times.
Additional management consulting services provided by Cottrill Arbutina include fraud audits, pension and executive compensation agreement accounting and fixed asset and general ledger consulting. We offer accounting and financial training to assist credit unions in complying with NCUA Regulation 701.4. The firm also assists credit unions in providing financial planning and investment services to their members.
In the area of tax reporting, Cottrill Arbutina assists clients with preparation of their Form 990 tax returns to the Internal Revenue Service.
Cottrill Arbutina provides additional value to clients with detailed, easy-to-understand reports on how the clients rank versus their industry competitors. The categories range from capitalization ratios, total debt issues figures and delinquency ratios to allowance for loss ratios, gross spread versus net spread ratios, and total executive compensation as a percentage of expenditures.
For more, contact shareholder P. Joel Martin, CPA.