Credit union service organizations
Greywood CPA audits credit union service organizations (CUSOs). Under NCUA rules, a federally insured credit union investing in or lending to a CUSO must have a written agreement requiring the CUSO to follow GAAP, prepare quarterly financial statements and obtain an annual financial statement audit from a licensed CPA. We are a licensed CPA firm (Virginia Board of Accountancy firm license #134961) working nationwide, at a fixed fee.
A wholly owned CUSO may be covered by its parent credit union's consolidated audit. Other CUSOs, especially those owned by several credit unions, generally need their own annual audit so each owner can rely on it.
Last reviewed: November 2026
NCUA rules require federally insured credit unions that invest in or lend to a CUSO to obtain a written agreement in which the CUSO commits to account for its transactions under GAAP, prepare quarterly financial statements and obtain an annual audit by a licensed CPA. The agreement also gives NCUA access to the CUSO's books. State-chartered credit unions may have parallel state rules.
| CUSO ownership | Audit approach |
|---|---|
| Wholly owned by one credit union | May be covered by the parent credit union's consolidated audit |
| Owned by several credit unions | Usually a stand-alone audit each owner can rely on |
| CUSO with outside lenders or investors | Stand-alone audit, often required by lenders too |
Owner credit unions use the CUSO's audited statements to value their investment and to support their own examinations. Delivering the audit on time, and in a format each owner can use, makes the owners' year-end easier too.
A 30-minute call about your organization, who needs the report and your deadline.
Scope, report type, timeline and one fixed fee, in writing.
Everything we need, uploaded through a secure portal.
Remote testing, then a draft for your review.
A CPA partner signs, and we walk you or your board through the results.
Generally yes. NCUA rules require credit unions investing in or lending to a CUSO to have an agreement requiring the CUSO to obtain an annual financial statement audit from a licensed CPA.
A wholly owned CUSO may be covered by its parent credit union's consolidated audit. CUSOs owned by several credit unions usually need a stand-alone audit.
That the CUSO follows GAAP, prepares quarterly financial statements and gives NCUA access to its books and records, among other terms.
Revenue from services to owners, related-party transactions, owner equity, and, for lending CUSOs, loans and participations.
We quote one fixed fee in writing before any work starts, based on the CUSO's size, owners and services.
Tell us your year-end and ownership. A senior CPA will send a fixed-fee proposal within 1–3 business days.