Audit Services

Certified Financial Statement Audits

A clean unqualified opinion is the Accounting Profession's definition that your financial statements do not contain material errors or misstatements.  However, the goal of our audit is not just to meet regulatory requirements, but to form a long-lasting partnership by putting our experience and industry knowledge to work for you.  

We understand your business and the risks inherent in accounting and financial statement reporting.  Therefore, NMV’s tailored audit approach starts with the pre-audit planning process in order to gain a broad understanding of the unique aspects of your institution’s business.  Our auditors also consider the risks based on your unique functions and the way management controls those risks.    

We work with you to assess your institution’s performance and internal controls and provide practical, timely recommendations and solutions to enhance financial reporting, management monitoring, and operational controls.  We apply a hands-on approach during the audit and back that up with free telephone support and conference calls throughout the year!  

All of our financial statement audits include a statistical sample of member share and loan account verifications; ensuring your account verifications comply with regulatory requirements and saving you time and money.  

We also provide a management report that includes the following:  

• Independent Auditor's Report on the Financial Overview and Graphic Analysis: A pictorial analysis to help you monitor key financial trends and compare your performance to peers in the industry.

• Communicating Matters Related to a Credit Union's Internal Control over Financial Reporting: Our recommendations to improve business practices, operational procedures, and internal controls.

• Accounting and Industry Updates: Information on accounting pronouncements that could affect your financial statements and trends occurring within the industry that might impact your organization.

• Matters Required to be Communicated to the Supervisory Committee: Summary of items required to be communicated to the supervisory or audit committee related to accounting standards and principles, independence, management judgments, recommended audit adjustments, and other matters.  All audits are performed in accordance with generally accepted auditing standards and accounting principles promulgated by the American Institute of Certified Public Accountants.

Supervisory Committee Guide Audits

For those clients who do not require a certified audit, we can perform a Supervisory Committee Guide Audit. We follow NCUA's minimum guidelines and then include value-added procedures in order to provide a better picture of your overall operation and internal controls.

Pension Plan Audit Services

The Department of Labor (DOL) and the Employee Retirement Income Security Act of 1974 (ERISA) are the government mandates for a pension plan audit.  Generally, plans with 100 participants at the beginning of the plan year are required to file as a “large” plan which triggers the audit requirement.

Most credit union pension plan audits can be performed in accordance with the DOL’s Regulation 2520.103-8 which permits a limited-scope audit.  Under a limited-scope audit the auditor does not apply audit procedures to information on plan investment assets and related transactions prepared and certified to as both complete and accurate by a bank, or insurance company that is supervised and regulated and subject to periodic examination by a state or federal agency.  A DOL limited-scope audit involves less audit work and may be significantly less costly than a full-scope audit.

The limited-scope audit does not reduce the testing of contributions, distributions, allocations to participants’ accounts, or ensuring all employees eligible for plan participation are given the opportunity to enroll in the Plan.

We design our audits of pension plans not only to satisfy the Department of Labor’s (DOL) audit requirements, but also to identify opportunities to improve Plan administration efficiency.  Like our other audit services, we produce a Management Report containing recommendations to improve Plan practices, operational procedures, and internal controls. Our recommendations will help you safeguard assets; ensure soundness; and monitor and evaluate finances, operations, and Management decisions.

Nearman, Maynard, Vallez, CPAs is also a member of the American Institute of CPAs Employee Benefit Plan Audit Quality Center.  We are committed to adhering to the highest quality standards by voluntarily agreeing to the Center membership requirements, which include designating a partner responsible for our employee benefit plan audit practice, establishing quality control programs, performing annual internal inspection procedures, and making our peer review report findings publicly available.   

Our goal is to continue to enhance our quality initiatives within our employee benefit plan audit practice to deliver the highest quality audit services possible.

Other Audit Services

• Fraud - Suspect fraud? We can help do the research and, if required, help you file a bond claim. Most importantly, we can help you improve prevention and detection controls for the future.