Audit & Accounting Services

  • This is an inspection of credit union records for accuracy according to agreed-upon procedures as discussed with the Supervisory Committee and outlined in the engagement agreement.

    These procedures can be performed on an annual, quarterly basis or at intervals as requested by the Supervisory Committee. The procedures we have developed are designed to meet the minimum requriements of the NCUA’s other Supervisory Committee audits.

  • An Opinion Audit offers the highest level of assurance a credit union can receive. It includes a written opinion on the financial statements as well as a written report on the internal control structure including comments and recommendations for possible improvements.

    The primary purpose of an audit is to provide an independent, objective assessment of an organization's financial statements and internal controls. Audits are conducted to ensure that the financial information presented is accurate, reliable, and in compliance with relevant accounting standards and regulations. By examining the organization's records, transactions, and procedures, auditors can identify any material misstatements, irregularities, or areas of concern, and provide recommendations for improvement. The audit process helps to enhance the credibility of the financial information, protect the interests of stakeholders, and promote transparency and accountability within the organization.

  • We offer audit services in connection with meeting the annual reporting obligation under the Employment Retirement Income Security Act of 1974 (ERISA).

    A 401(k) audit is a systematic examination of an employer's retirement plan to ensure compliance with federal regulations, plan documents, and laws governing employee benefit plans. These audits are critical for maintaining the integrity of the retirement system and protecting the interests of employees.

    A successful audit can help identify areas for improvement, enhance compliance, and build trust with plan participants.

  • Fraud audits are specialized assessments aimed at detecting, assessing, and preventing fraudulent activities within an organization. These audits involve a systematic review of financial records, operational processes, and internal controls to identify anomalies, suspicious transactions, and potential areas of risk. These audits can be scheduled regularly or triggered by specific concerns, such as irregular financial results or whistleblower reports.

    In matters of suspect fraud, we work with regulatory and legal authorities to determine the validity, nature, and amount of suspected losses to facilitate the timely recovery of lost funds back to the credit union.

  • For clients who wish to perform specific review procedures using their own internal auditor or Supervisory Committee volunteers, we can assist you by:

    • Assisting in developing an internal audit program

    • Recommending possible improvements in your existing internal audit program

    • Training your internal auditor and/or Supervisory Committee/Audit Committee

    • Performing internal audit procedures, as requested

  • A compliance audit is an evaluation process that assesses an organization’s adherence to regulatory standards, internal policies, and legal requirements. This audit helps ensure that the organization is following the applicable laws and regulations concerning its operations, financial reporting, and risk management practices.

    J. Tenbrink & Associates performs, ACH, ACH-Corp, BSA, and S.A.F.E. Act Compliance Audits.

    The primary objective of a compliance audit is to identify any areas of non-compliance, thereby facilitating corrective actions and enhancing governance frameworks. During the audit, various aspects are reviewed, including documentation, operational procedures, and employee conduct, to provide a comprehensive overview of compliance status.

    Compliance audits play a critical role in minimizing risks, protecting the organization’s reputation, and promoting accountability within the workforce.

  • The member verification audit aims to ensure the accuracy and integrity of membership records within an organization.

Tax Services

  • We offer tax services designed especially for the needs of credit unions, including:

    • Preparation of IRS Form 990 and 990T for State Chartered Credit Unions

    • Preparation of CUSO Tax Returns

    • Tax research

    • Payroll Taxes and Related Payroll Returns

Consulting & Education Services

  • Consulting Services

    We offer extensive Management Consulting Services on the following topics and more:

    • Merger and acquisition planning and implementation

    • Membership ballot tabulations for elections of officials

    • Asset/Liability management

    • Customized financial projections

    • Functional cost analysis

    • Loan loss analysis

    • Policy development

    • Specific accounting practices (investments, indirect lending)

    • Internal audit department development

    • Regulatory compliance issues

    • Data processing system selections

    • Employment searches

    • Data processing controls review

    • Assisting management in responding to state/federal regulatory findings

    • Bank and general ledger account reconciliations

  • frequently called upon to facilitate educational presentations at Board, Supervisory Committee meetings, and Chapter meetings as well as to conduct training seminars at league functions or other credit union gatherings.

    Some of our most popular education session topics include:

    • Asset/Liability Management

    • Board and committees duties and responsibilities

    • Budgetary process

    • Business lending

    • Internal controls

    • Loan analysis

    • Policy development

    • Ratio and trends analysis

    • Specialized accounting issues

    • Strategic planning

    • Understanding financial reports

    We have an extensive background in these and other areas related to Credit Union accounting and audits. We look forward to sharing this expertise with our clients.