Account Verification/Statement Audit Process & Procedure

Credit unions will receive a letter from their auditor with detailed instructions. The letter typically includes the date the account verification will be performed, the return address(es) that will be used on the envelopes, statement message to be displayed, etc. 

The credit union will need to update their statement message (per auditor instructions) using Tool # 914 Update Statement Msg/Insert Instructions. 

1. Launch Tool # 914
2. Select the appropriate Statement Format ID from the list (Credit Card, Monthly, Quarterly, etc) 
   • These audits are usually performed in June so the Quarterly statement format will typically be the appropriate choice
3. Click 'Select'
4. In the General message field, enter the statement message provided by the auditor
   • It is advised that you remove any statement messages from the New Member and Closed Member fields as messages entered in these sections will replace the General message
5. Click 'Continue'
6. On the Statement Insert/Mailing Instructions screen, click 'Skip'

The credit union will also need to update the print configuration for the "no-mail" statement mail group for them to be printed and mailed to the address indicated by the auditor. This will be done using Tool # 275 Configure Statement Mail Groups. 

1. Launch Tool # 275
2. Change the 'Archive only' configuration to 'Print/Archive/Do not mail' for the "no-mail" statement group
3. Click the forward arrow

Once the statement message and statement mail group options have been updated, the credit union will need to contact their statement vendor to provide them with the auditors instructions and notify them the necessary changes have been made in CU*BASE. 

The envelopes for the statements are provided by the statement vendor so the credit union will need to work directly with their statement vendor to reflect the appropriate forwarding and return addresses. 

After the statement runs, the credit union will need to change their statement message(s) and mail group code(s) to their previous settings.