Performing an opinion audit requires an accounting firm to extensively review and test a credit union’s accounting systems and financial information. This is the highest level of attest report that a Certified Public Acountant can issue. As a result, credit unions frequently desire the additional assurances an opinion audit provides, even if federal and state regulators don’t require such assurance. In conjunction with our opinion audit service, we provide a management letter at no additional cost. The letter contains our observations on internal controls, accounting, and operating matters that come to our attention during our audit. Additionally, we review the audited financial statements with Management, the Board of Directors, and the Supervisory Committee.
Pertinent Facts:
Opinion audits satisfy the audit requirements of both the NCUA and state regulations.
Audit procedures are designed to test the accuracy of your credit union’s financial statements and their compliance with generally accepted accounting principles.
Opinion audits can only be performed by a licensed certified public accountant.
We issue a constructive service letter with every opinion audit providing recommendations for improving internal controls and operations.
Annual or bi-annual member verification requirements are included with opinion audit procedures.
For more information on Condit and Associates' Opinion Audit Service, please contact us.
