After a thorough audit of the credit union’s records and internal controls, an oral and comprehensive written Interim Audit Report is provided by certified examiners at LEVERAGE Audit & Consulting. The following activities are performed:

1. Review account activity on the credit union’s employees
2. Review and test a sample of reconciliations for Federal Reserve, Correspondent Bank, On-Us, and Corporate Credit Union accounts
3. Review activity on suspense and clearing accounts related to the accounts listed above
4. Confirm a sample of new loans, new deposit accounts, and/or closed accounts since the last quarterly interim or annual audit
5. Review for compliance with the credit union’s loan policy a sample of new loans granted since the last quarterly interim or annual audit
6. Review a selection of file maintenance reports for randomly selected days
7. Review procedures for handling negative balance accounts, including timeliness of collection or subsequent write-off
8. Review a sample of loan exception reports, including paid ahead loans, non-amortizing loans, open-end loans with balances greater than established credit limits, closed end loans with balances greater than original loan amount, and/or loans by interest rate
9. Test classification of delinquent status on a sample of loans classified as delinquent since the last quarterly interim or annual audit, including a review for compliance with the credit union’s collection policy
10. Review a sample of delinquent loans and document collection efforts relative to the collection policy
11. Review for compliance with the credit union’s charge-off policy a sample of loans charged-off since the last quarterly interim or annual audit
12. Review corporate expenses and charge card accounts, including compliance with the credit union’s written policies
13. Confirm activity on dormant or inactive accounts removed from the dormant report since the last annual or interim audit
14. Review extension agreements for a sample of extended loans for compliance with the credit union’s established policy on extensions
15. Review subsidiary records for fixed assets and prepaid expenses, including additions since the last annual or interim audit
16. Review of credit card reports including line of credit exceptions, credit balances, and status of employees’ personal credit cards
17. Review investments purchased, called, or sold since the last quarterly interim or annual audit, including compliance with the credit union’s investment policy
18. Review and test Bank Secrecy Act compliance