We provide you an opinion audit that exceeds the requirements of federal and state credit union regulations. Our audit is designed to address each of the services you have requested to meet the Supervisory Committee annual responsibilities. The end result of this service is the expression of our opinion of whether the credit union financial statements are fairly presented in accordance with accounting principles generally accepted in the United States of America. In conjunction with the annual opinion audit, we will also prepare the financial statements and related disclosures.
We perform procedures with respect to certain accounting records and transactions of the credit union. The procedures are compliance-related in nature and are designed to assist the Supervisory Committee in fulfilling its oversight responsibilities.
We will assist your credit union with fulfilling the annual compliance procedures required by the National Automated Clearing House Association (NACHA) Operating Rules. The program that we perform is designed to meet the NACHA requirements while providing recommendations on steps that can be followed to enhance the quality of the credit union’s ACH processes and procedures.
We perform the annual procedures required to assist you in fulfilling your requirements related to compliance with the Bank Secrecy Act (BSA). These procedures are designed to meet the requirements for independent verification of the controls and processes applicable to BSA.
The SAFE Act procedures that we will perform are designated to test the policies and procedures in place to ensure the credit union has properly addressed the SAFE Act regulations in its operations. The procedures should also enhance the quality of the SAFE Act program at the credit union. These procedures must be performed on an annual basis.
We can perform your required member verification procedures, utilizing a 100% confirmation process or statistical sampling. Generally, we conduct member verification procedures in conjunction with an annual audit; however, we can also deliver these as a separate engagement.
Customize a loan portfolio review based on your specifications. Whether it’s ensuring compliance with Board-approved underwriting policies;identifying best practices; measuring concentration, transaction or credit risk; performing a static pool analysis;gauging the impact of credit migration; or deep diving into your indirect lending program, we can help. Contact us and together we can develop review procedures uniquely targeted to your credit union.
We are merger experts and have assisted with many of the more prominent and unique credit union mergers in Ohio. Our team has worked and coordinated with examiners, regulators, and core processing systems and other service providers.
Let us help you with:
Strategic advice and counsel during all phases of the merger
Merger structure assistance
Scrutiny of financial records
Examination and identification of commitments, contractual agreements, and potential legal issues
Any other matters of importance
Assistance in obtaining an independent valuation
Ensuring financial merger entries are recorded properly
Our experience will help you with the complexities and challenges of a merger and our expertise will lead you towards a successful outcome.
The popularity of SERPs through 457(f) plans and collateralized split dollar plans is exploding. These plans are undoubtedly effective tools for attracting, retaining and rewarding top executive talent.
As desirable as these plans are, they are widely misunderstood by examiners, auditors and board members. This includes both the mechanics of the plans as well as proper accounting in your credit union financial statements.
Consult with us and we will provide you with insight and assistance into:
The best plan suitable for your credit union and executive team
How plans should be structured to achieve desired results and avoid potential pitfalls
The proper accounting for the plans (both GAAP and regulatory considerations)
Consideration about concentration risk exposure from these plans
Over the years we have worked with several hundred credit unions, seen regulators and examiners begin and retire from their careers, and participated in required and elective training programs to keep our skillsets sharp. This has exposed us to the best practices, not so best practices, and industry insights that we can put to work for you.
Lillie & Company can consult for and/or facilitate your strategic planning sessions. We can also assist with consulting services on organizational structures, balance sheet optimization, and general accounting assistance – and more.
Because of our reputation as one of the premier forensic CPA firms in the credit union industry, our firm has been hired to investigate and assist with the bond claims for some of the largest fraud cases in this industry, including the notorious St. Paul Croatian fraud loss of over $70 million in Northern Ohio.
Through the years our thorough and exhaustive investigations have led to successful claim payouts and criminal convictions. Not only do we assist regulators and examiners in these cases, we also help credit unions with their own investigations.