VyStar’s regulators require that the Audit Committee verify member accounts against the records of the credit union at least once every two years. VyStar has decided to conduct the membership account verification annually. Therefore, the Audit Committee of VyStar Credit Union has requested that our external auditors, Nearman, Maynard, Vallez, CPAs, examine a sampling of member accounts for verification with their September 2020 statement balances. You may receive a request from our external auditors to compare your account balance to the statement balance included with the verification letter. Please verify and report any discrepancies to Nearman, Maynard, Vallez, CPAs at the address provided in their letter.
Because VyStar is a federally insured, state-chartered credit union with total assets of $500 million or greater, the Audit Committee must obtain an annual audit of its financial statements performed in accordance with generally accepted auditing standards (GAAS) by an independent person who is licensed to do so by the state or jurisdiction in which the credit union is principally located.
In support of the required audit of the financial statements, VyStar’s regulators require that the Audit Committee must cause the accounts of the membership to be verified against the records of the credit union at least once every two years. VyStar has decided to conduct the membership account verification annually in October.
By performing a verification of member account balances, VyStar’s external audit firm is able to get assurance that the credit union’s general ledger accounts for savings, checking and loan balances are fairly stated on the financial statements. Additional audit procedures may be performed by the external audit firm to gain assurance that the members’ account balances are accurate and fairly presented on the credit union’s annual financial statements.
If one of your accounts is selected for verification, you will receive a letter from VyStar’s Audit Committee explaining the process to complete the verification form and report discrepancies, if any, and where to mail the completed verification form.
Your information is safe. We have signed a confidentiality agreement with our external audit firm to protect your account information. Your information will be provided to them under the provisions of the Gramm-Leach-Bliley Act, commonly known as the Privacy of Consumer Financial Information Act. In accordance with federal regulations, VyStar’s external audit firm must maintain strict confidentiality and security over your personal account information. (VyStar’s Privacy Notice can be found on our website under the Privacy Statement tab located at the bottom of VyStar’s home page.)
We appreciate your assistance by responding to the verification and returning the completed form to our external audit firm.
Please note: You will not be contacted by phone, and our auditors will not ask you for any personal or financial information. If you receive a verification letter, you will only be asked to compare your account balance to the statement balance included in the mailing. We appreciate your timely response and attention to this matter.