GRAND RAPIDS, Mich.–CFOs and accounting managers representing 22 different client credit unions met at CU*Answers’ offices here to participate in a day of roundtable discussions about the CUSO’s strategies and tools for credit union accounting teams. The morning session focused on the specific strategic concerns of CFOs, including upcoming regulatory compliance changes and what credit unions have been seeing in recent audits and examinations.
During the afternoon session the Accounting Top 10 Focus Group focused on software tools currently in development or being designed. One of the roles of the Accounting Top 10 Focus Group is to assist the CUSO in setting priorities for major development projects related to the general ledger and accounting functionality of the CU*BASE® core processing system. Discussions during both sessions were lively and the group was encouraged to continue sharing and interacting via the Accounting Top 10 comments page on the company’s website.
The group also reviewed new tools recently introduced by CU*Answers for creating an annual budget using CU*BASE, and the future of new tools for modeling income and expenses for credit union budgets, the CUSO reported.
“With 35 attendees at today’s sessions, it’s clear that interest in the CFO Strategies and Accounting Focus Groups is growing. We will be reaching out to include even more credit union leaders, especially CEOs who also wear a CFO hat, to get involved in these valuable strategic discussions,” said Bob Frizzle, CU*Answers CFO and facilitator for the focus group sessions.
Meanwhile, In Yankton, S.D., Site-Four, a venture of the cuasterisk.com, has announced the availability of its SSAE 16 SOC 1 Type 2 Audit Report. The audit was performed by Crowe Horwath LLP, a public accounting and consulting firm based in Oak Brook, Ill. and covered the period of April 1st, 2015 to September 30th, 2016.
SSAE 16 SOC 1Type 2 is an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA). The SSAE 16 SOC 1 Type 2 supersedes the SAS 70 audit standard, and is designated by the U.S. Securities and Exchange Commission (SEC) as an acceptable method for management to obtain assertions about service organization internal controls without conducting separate assessments.
The SSAE 16 report affirms Site-Four’s system design and organizational controls meet the exacting standards and industry benchmarks of the AICPA.
“It is important that our customers know that we remain committed to the highest standards,” says Alan Rogers, Site-Four CEO. “Every day we see how important data security is for our customers as announcements of breeches and hacked systems frequent the news more and more often. Site-Four is committed to provide our customers with confidence that we have taken the necessary measures to ensure the protection of their data.”