If you have received a letter from our auditing firm asking you to confirm your account balance, there’s no need to worry. Each October, we’re required to participate in an audit of our financial statements and verify that our information about members’ accounts is correct.
Our external audit firm — Nearman, Maynard, Vallez, CPAs, P.A. — conducts an annual verification of members’ accounts. The audit firm selects a random sample of accounts to verify from across our entire membership.
If you’re selected to participate, all you have to do is verify that the balances on your September statements for your savings, checking, loan or credit card agree with your personal records. If there are any differences, our external audit firm will research and resolve them.
Why Verify Members’ Accounts?
Because we’re a federally insured, state-chartered credit union with total assets of $500 million or more, we’re required to have an annual audit of our financial statements. This audit must be performed according to generally accepted auditing standards (GAAS) by an independent person who is licensed to do so. Verifying members’ accounts at least once every two years is part of this audit process.
Why Is Verification Important?
By verifying members’ account balances, our external audit firm can prove that our general ledger accounts for savings, checking and loan balances are correctly stated on the financial statements. The external audit firm may also perform additional audit procedures to find out if members’ account balances are accurate and fairly presented on our annual financial statements.
What Should I Do?
If one of your accounts is selected for verification, you will receive a letter from our Audit Committee explaining the process. Just complete the verification form and report any discrepancies. You will also receive instructions about where to mail your completed verification form.
Is My Account Information Safe?
Yes, your information is safe. We have a confidentiality agreement with our external audit firm to protect your account information, which will be provided to the auditors under the Gramm-Leach-Bliley Act, commonly known as the Privacy of Consumer Financial Information Act.
According to federal regulations, our external audit firm must maintain strict confidentiality and security over your personal account information. For more details, see our privacy policy.
If you’re selected to participate, then thanks in advance for responding to the verification and returning your completed form to our external audit firm.