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Credit Union Services

Our Expertise and Commitment


When you hire the credit union professionals at Kent G. Klauer, CPA PC, you hire over 35 years of experience serving the credit union industry. We understand that credit unions are not just another financial institution, but are distinctly different from banks and savings institutions. We don't work for banks and savings institutions, we're committed to serving the needs of our credit union clients.

The changing role of credit unions in the financial services industry has grown complex in recent years. The auditors at Kent G. Klauer, CPA PC understand the challenges you face. We go beyond the routine to give you an extra dimension in thinking, objectives and ideas to meet your members’ needs.

As members of the Association of Internal Credit Union Auditors (AICUA), we have access to a wide range of credit union resources.

Because of this commitment, you will work with professionals who know the changing rules, regulations, standards, and market trends affecting your credit union. You won’t have to waste time and money every time you sit down to work with us. We understand credit unions and will provide you with the help you need to meet your goals.

Services


Kent G. Klauer, CPA PC provides a full range of forward-looking, client-oriented auditing and consulting services that give you important tools to use in managing your credit union. We don't send "junior accountants" into your credit union so you can train them. All of our auditors are trained experienced professionals.

Opinion Audits


Some credit union boards feel most audited financial statements seem pretty much alike. However, the approach and process of an audit is what determines the value of your audit services. Our audit approach and process gets you an audit opinion, but more importantly, helps you develop and improve policies that contribute to your credit union’s strength, earnings, and future growth. We are always looking for possible recommendations to improve your efficiency or to provide better internal control. Additionally, we know your time is valuable, so we try to be as non-invasive as possible. We write and mail your confirmation letters. We count cash drawers before you open in the morning, we know its important not to inconvenience members.

Supervisory Committee Audits


All credit unions need internal controls to safeguard assets, make sure records and reports are prepared promptly and accurately, and see to it that policies are being administered properly. Our supervisory committee audits are designed to do just that. When you use our services, you know you’re getting service from qualified professionals. You’re informed of findings and recommendations on-site, and you get a detailed written report after the audit is completed.

Verification of Members' Shares and Loans


Using a CPA firm for verification of members’ shares and loans assures you and your members the verification complies with regulatory rules. We prepare positive and negative member share and loan confirmations for all of our credit union clients. Having us conduct the verification, especially when done in conjunction with an opinion audit or supervisory committee internal audit, saves you time and money.

Internal Control Reviews


The rapidly changing financial environment means that all credit unions need to review their internal controls on a regular basis to assure they’re still providing adequate overall protection for you and your members. Our services not only give you this comprehensive overview, but also a report on your system of checks and balances to make sure your transactions are being recorded properly.

Special Services (Agreed Upon Procedures)


More and more credit union supervisory committees today are requesting special services from CPA firms to test their effectiveness in managing the affairs of their credit unions. Working in close coordination with the committee, we often conduct these services on a surprise basis. You can put these services to work for you in a number of areas:

  • Surprise cash counts
  • Review of selected loan documentation
  • Examination of employee’s and relative’s transactions
  • Examination of specific accounts or transactions

The internal audit function we provide involves one, two, or three days a month performing limited agreed-upon procedures in all credit union functions. We provide a monthly letter detailing the area of review, procedures performed, comments and recommendations for each area reviewed. This is a more detailed review of safeguards and internal controls than would normally be performed during an annual audit. We work closely with supervisory committees to customize these procedures for each of our credit unions. Our credit union clients taking advantage of this service get surprise cash counts and other procedures every month of the year.

Fraud Prevention and Investigation Services


Unfortunately, fraud, waste, and abuse affects all of our businesses. Kent G. Klauer, CPA PC’s fraud prevention and investigation services are specifically designed to address the issues of fraud and other unethical activities. These services are different and substantially more concentrated than those procedures normally performed as part of an audit or other financial review. These services can be used to help you prevent internal and external fraud, waste and abuse, or to investigate the extent of fraud which has occurred.

Other Client Services


Kent G. Klauer, CPA PC can provide you with knowledgeable, experienced, and skilled advisors who understand the complications that are inherent in your business. We are large enough to offer the depth and breadth of services you need, with the type of close, personal attention you expect from a smaller firm. Select Kent G. Klauer, CPA PC as your credit union specialists.