It would be a stretch to say that a credit union audit is something that anyone looks forward to every year. It is something that is a necessary part of doing business.
Whether you are a part of a federal or state charter credit union, you have less than $10 million or more than $500 million in assets, audits are a fact of life. Just the format changes—independent audits, supervisory committee audits, financial statement audits—they all require that you can access accurate information in a timely manner.
Minimum Credit Union Audit Data Requirements
During the annual audit, credit unions must provide information on any assets and liabilities as well as significant changes to activities such as:
- Bank Reconciliation Procedures
- Cash Controls
- Cash on Deposit
- Controls Over Employee Accounts
- Dormant Account Controls
- Foreclosed and Repossessed Assets
- Loan Approval and Disbursement Procedures
- Other Real Estate Owned
- Wire and ACH Transfer Controls
This is a long list of required data that can take significant time to prepare. The good news is that technology is available to make the audit process smoother and more efficient.
The Right Information Management System is Crucial
When your credit union is undergoing its annual audit, you want to ensure the process is thorough and accurate. The audit is, after all, a legal requirement, and no one wants to see any mistakes. With so much at stake, your choice of credit union document management software is crucial. This is list is just the starting point of what you should expect:
- Documents needed for audits can be securely stored
- Documents must be easily but safely found and shared with examiners
- Access to documents is controlled using the latest secure methods
- Real-time records are available, and versions are controlled so you are always working with the most current document
- Document review and approval can be automated no matter where the stakeholders, executives, and regulators reside
Intelligent Information Management Makes a Credit Union Audit Easier
M-Files® is an intelligent information management system that allows your team to manage and control information across the credit union. With M-Files, information is secure but easily accessible by the appropriate business roles. When required data are easily accessed, you can quickly provide the necessary audit reports and find answers to an auditor’s inquiry. This system significantly lessens the time you spend in audits and helps ensure accuracy.
Not only does this system make credit union audits more efficient, but it also helps you to enforce internal mandates and meet regulatory requirements. M-Files helps credit unions manage official and operational records that must be retained permanently as well as other documents and reports regardless of origin, format, or layout.
Laminin Solutions and M-Files: A Great Combination for Credit Unions
Increasing credit union audit efficiency is only the beginning of what M-Files offers. M-Files can transform your credit union by offering greater operational efficiency and enabling you to offer new member services. Business processes, such as loan originations, accounts payable, approval processing, and more, can be automated to increase speed, accuracy, and visibility.
Laminin Solutions has decades of experience working with credit unions to improve their operations. In fact, Oklahoma Credit Union says working with Laminin is like having your own “office guru.”
Contact us today to schedule a demo to learn more about how M-Files make your credit union audit more efficient.