AuditLink, the audit and compliance division of CU*Answers, recently published a white paper and opinion piece on the basics of internal controls. Jim Vilker, VP of Professional services and head of the AuditLink division of CU*Answers stated the recent rash of large embezzlements and review of the indictments points to something that is pervasive: the lack of very basic internal controls. Vilker, whose background as a regulator and experience in the audit and compliance field went on to “it would appear that what we as seasoned practitioners believe should be well known has not been passed on to credit union staff, auditors, and regulators.”
Vilker continued: “Take for instance the facts pointed out in the case of CBS Employees Credit Union. The CEO was caught because an employee uncovered a large check made out to him that was cut out of the credit union’s membership account. No one was reviewing the credit union’s member account statement?… Read more
As someone who has worked with CUSOs for the past thirty years, I am often asked by credit union CEO’s what are the “hot” services for CUSOs? “I need more revenue streams and I need to contain my operating costs. What works?”
