ALM Validation Audit - Sequence of Events
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Sequence of events:
- A preliminary assessment is performed using the most current ALM data
which the credit union sends to CBS Certified Public Accountants, LLC via diskette,
CD-Rom or email.
- From the preliminary assessment, it is determined if any additional fine-tuning
is required to get data ready for the validation audit. The credit union is
notified if additional work is required.
- An engagement letter is prepared with a cost proposal.
- Upon receipt of the signed engagement letter, a list of required data is sent
to the credit union.
- Upon receipt of the required data, the audit is commenced, and the following
procedures are performed:
- ALM output reports are reviewed for reasonableness
- Parameters are spot checked for accuracy
- ALCO and board minutes (as they pertain to ALM) are reviewed
- A written report is prepared detailing procedures performed, areas
needing modification and recommendations for better utilization of the ALM
software
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