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Industries/Banks and credit unions

Audit file prep for banks and credit unions.

Financial institution files rest on loans, the allowance and deposits. The standard pack ties the books to the draft statements; institution-specific testing and every evaluation stay with your firm. Files start from books kept in QuickBooks; other sources are settled on the intake call.

Where size changes the work

An insured depository institution with consolidated total assets of $1 billion or more at the beginning of its fiscal year, as adjusted from time to time, falls under the annual audit and reporting requirements of 12 CFR Part 363 (12 CFR 363.1(a)). Your firm decides which requirements apply to the institution in front of it. The source is linked at the foot of this page.

What every file gets

The pack is the same on every file, in every industry. It is built from the client’s QuickBooks books and the documents your firm sends.

Lead schedules
Every trial balance account classified to a US GAAP line, in Excel and PDF, with prior-year final, per-books, adjustment and final columns.
Tie-out of the draft
The client’s draft statements re-added and every line agreed to the trial balance. Differences are findings about the draft, never silent changes to the books.
Fixed-rule ledger checks
Revenue cutoff, duplicate payments, journal entry testing, split purchases, opening balances, flux analysis, bank reconciliation and more. Each finding names its rule.
Proposed entries
A finding cites the evidence line and the standard, and proposes an adjusting entry. Nothing is posted to the books.
Review trail
A reviewer decides each finding and records a reason. Initials and dates travel with the working papers.
Inputs received and missing
The file shows what arrived and what did not, tied to the findings that need it.

Where the judgment sits on an institution file

These areas decide the file. Industry-specific schedules are not part of the standard pack. Whether CORAA drafts any of them for a given file is agreed on the intake call before anything is uploaded, and what is not agreed stays with your team.

Areas your team will spend its time on

  • Loan portfolio schedules
  • Allowance for credit losses
  • Deposit tie-out
  • Investment securities

Typical PBC items from the client

PBC items from the client

  • Trial balance and general ledger
  • Loan trial balance with risk ratings and past-due status
  • CECL model documentation and data
  • Deposit trial balance and interest accrual reports
  • Custodian and correspondent bank statements
  • Board and credit committee minutes

Where institution files go wrong

Subledger and ledger that do not agree
Core system reports and the general ledger differ by unreconciled items.
Allowance inputs
Data fed to the model is incomplete or stale.
Concentrations
Large loans and deposits to related parties or single borrowers.

What stays with your firm on institution files

Fulfilled by CORAA means CORAA AI drafts the file and CORAA Network reviewers clear every flag, with a line-by-line review log. Your manager and partner then review it as they would any staff-prepared file. Your firm keeps the client, the engagement letter, the professional judgment and the signature.

CORAA never signs, issues or reports on anything, and never contacts your client unless you ask us to. Your first audit is free, so you can judge the pack on a real file. After that the fee is flat, set by entity size, and messy books are included.

Free resources for this work

Guides, templates and calculators on this site that cover the same ground. All free to use.

GuideBank Audit Guide: Loans, the Allowance for Credit Losses and DepositsGuideCredit Union Audit Guide: NCUA Part 715 Requirements, Member Account Verification and the AllowanceGuideBank Holding Company Audits: FDICIA, Part 363 and Regulatory ReportingGuideCECL for Private Companies: ASC 326, Trade Receivables and ASU 2025-05GuideCECL Audit Procedures: Model Validation and Qualitative FactorsTemplateBank Confirmation Letter (AU-C 505)TemplateConfirmation Control Log (AU-C 505)ToolCECL loss-rate and roll-rate calculator for trade receivables

Questions firms ask

No. CORAA works from the trial balance, the general ledger and the subledger and statement reports the institution exports and provides. We ask only for what the file needs.
No. Model validation and the conclusion stay with your firm.
No. CORAA drafts audit working papers only. Regulatory filings are not part of the service.
Your firm, which keeps control of the process.
Your first audit is free. After that, a flat fee per audit, set by entity size. Messy books are included, never a surcharge.

Sources: 12 CFR 363.1, scope (eCFR) · FASB ASU 2016-13, Financial Instruments, Credit Losses (Topic 326)

More in industries
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For US CPA firms

Join the CORAA waitlist

CORAA AI drafts audit working papers from your client’s QuickBooks books and does the first pass: lead schedules, tie-out, memos, draft notes and letters. CORAA Network reviewers clear every finding. Your firm reviews and signs.

  • First audit free, so you can judge the quality on a real file
  • Flat fee by entity size; messy books included
  • We work only with CPA firms, never their clients
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