Objectivity, independence, expertise
Since we have a vantage point to see all the ways organizations succeed and grow both within and outside the Farm Credit System, FCCServices is able to uncover real-world solutions for any participating organization. Audit Services provides cost-effective, reliable, independent, internal audits to Farm Credit association boards and CEOs nationwide. Our skilled professional audit staff has tailored every aspect of our service to the specific needs and demands of the System and its regulators.
FCCServices’ Audit Services meet your needs
Consult with FCCServices’ Audit Services to help you and your boards deal with the appropriate composition and future role of the board audit committee. We can help prepare your board to more effectively evaluate, quickly understand, and apply the emerging audit committee “best practices”, including conducting annual Audit Committee evaluations.
Partial or complete outsourcing
Outsource all or part of your audit functions to our Audit Services team. We provide unparalleled objectivity and independent resources in:
- Ongoing internal audits providing unparalleled objectivity and independence;
- Specialized audit functions such as participations, syndications, large / complex loan portfolios, scorecard programs, rural home loan portfolios, or problem branches or regions;
- Audits requiring specialized expertise or training such as appraisals, operations audits, human resources, compensation or IT; and
- Consulting on a variety of subjects like audit committee practices, internal controls, risk assessment and implementation of the System’s 14-point, 2-tiered risk rating program.
How we work with you
- We listen to your needs and the needs of the audit committee;
- We develop a customized audit approach based on those needs;
- We consult with senior management on best practices, internal controls, policies and procedures, and risk management;
- We communicate effectively with the audit committee, management and staff to assure a high-quality work product; and
- We help boards and audit committees fulfill their responsibilities and accountabilities.
Why FCCServices
Independence and Objectivity
Boards, audit committees, and management can be confident that our results are independent and objective. As an outsider to your institution, we have no vested interest in the results of an audit. Our broad exposure to multiple districts and associations reduces the risk of “nearsightedness” that can occur when the same people audit the same portfolio year after year.
Expertise
We understand Farm Credit and have extensive lending, management, internal audit, and regulatory experience. We are use to dealing with large and complex loans, syndications, and participations. We also have additional expertise from prior experience with FCA and commercial lending institutions.
Experience
Our people are highly experienced and very talented consultants who average over 27 years of experience in lending and the Farm Credit System. The national scope of our work allows us to draw from our experience to help identify “best practices” in the industry that may positively effect the operation of your Association. We pride ourselves in not only finding areas where improvements can be achieved, but also in suggesting solutions to challenges.
Credibility
Our independence, objectivity and superior service to clients have established a high level of credibility with regulators and external audit firms.
Emerging Issues
We provide our employees with substantial continuing education and training. We are involved in Farm Credit System discussions and our parent organization, The Farm Credit Council, leads the formal comment on FCA proposed regulations. We are well equipped to advise you on compliance and emerging regulatory issues.
Stability and Continuity
Our team approach means you will have a number of people on our staff familiar with your operation. This offers additional security against turnover or other adversity that can affect internal audit staff of smaller operations.
Flexibility
We are able to tailor audit programs to meet the client’s needs and schedules. For example, we have the ability to complete an annual report for the entire association at one time or divide the audit into semi-annual segments. Furthermore, we can perform the audits with branch, regional or overall summary reports. We customize approaches to meet each customer’s needs and to minimize disruption to the staff.
Turnaround
Our team approach means a more timely report for you and minimized disruption to your staff. This allows management and the board to receive information in a more-timely manner, and the staff more time to focus on other functions of the job.
Cost
We believe we can perform our services at a cost that is comparable to the salary you would have to pay an audit staff position possessing the same high-level competence as our staff. We provide these services to you without added costs such as employee benefits, office space, or other employee expenses like professional development. We bring you the added value of a national perspective and best practices from other clients of varying sizes, but you only pay for the time we are used.
Bonded and Insured
Our work is backed by the professional and legal resources of FCCServices, and our employees are insured and bonded. We carry all appropriate insurance coverage including general liability, professional liability, workers' compensation, auto liability and fidelity bond coverage.
Confidentiality
You and your association are our client. You can be confident that we will safeguard information regarding your association and not release confidential information outside of our relationship without your knowledge and approval.
Summary
We realize some of you have your own internal audit staff, contract with discount bank service providers, use accounting firms, or share staff with another association. Given the attention the Sarbanes-Oxley Act is receiving from Farm Credit System leadership, the Funding Corporation, and FCA, we would like you to consider using us to help you meet these new challenges. We can supplement and assist your staff and board. If you are currently outsourcing or you’re considering outsourcing the entire function, we would like to show you how we can help. With FCCServices’ Audit Services, you get the most experienced, competent, and knowledgeable staff in the industry; you get objectivity and independence; you get a national perspective; you get best practices; you get flexibility; you get value above the cost; most of all, you get quality.
FCCServices’ Audit Services exists to provide high-quality audit and consulting services that provide added value to your business and success.