Top 10 Credit Union Auditing/CPA Firms

By law, credit unions at a certain asset threshold must engage an outside CPA firm for an annual audit. But an inspection of today’s modern credit union includes much more than bean counting.

The only constant is change, and that’s true in the world of credit union auditing. Although the core mission helping credit unions prove they’re safe and sound remains the same, the role of today’s auditor has grown well past counting the beans.

In a Callahan & Associates survey of 20 credit union CPA firms in July 2018, respondents reported that, along with traditional work such as financial statements and verifying compliance with money-laundering rules and regs, they’re now moving into a broadening range of advisory roles aimed at helping credit unions respond to new opportunities in analytics, payments, and strategic planning.

Below is a breakdown of the top 10 auditing firms serving credit unions with more than $40 million in assets. These firms together served 1,048 credit unions as of March 31, 2018, compared with 1,007 served as of March 31, 2017.

The top four positions remain unchanged from this time last year. CliftonLarsonAllen (CLA) tops the list with a total of 261 credit union clients with $40 million or more in assets. The nod for single largest gain goes to Detroit-based Doeren Mayhew, which added 34 credit union clients with more than $40 million in assets. It stays at No. 2. With its acquisition of Padden Guerrini & Associates, RKL, LLP, added 24 credit union clients and jumps to No. 8.

TOP 10 MARKET SHARE RANKING OF AUDIT FIRMS

FOR U.S. CREDIT UNIONS >$40M IN ASSETS | FINANCIAL DATA AS OF 03.31.18
AUDITOR DATA 07.01.17 06.30.18
Callahan & Associates | www.CreditUnions.com

RANK AUDIT FIRM CREDIT UNION CLIENTS, >$40M, 2018  CREDIT UNION CLIENTS, >$40M, 2017 CREDIT UNION CLIENT ASSETS, >$40M, 2018
1 CliftonLarsonAllen 261 237 $253,947,452,036
2 Doeren Mayhew 230 196 $165,504,946,351
3 Nearman, Maynard, Vallez 130 135 $75,774,957,744
4 Moss Adams 100 93 $153,661,620,830
5 CU Resources 59 60 $5,633,405,818
6 Turner, Warren, Hwang & Conrad 58 61 $41,770,015,051
7 Financial Standards Group 57 54 $5,846,524,785
8 RKL 56 32 $18,561,638,586
9 RSM 51 73 $67,988,950,612
10 Richards & Associates 46 47 $8,498,175,894

Source: Callahan & Associates.

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This data is part of the 2018 Supplier Market Share Guide: Credit Union Auditors published by Callahan & Associates. The industry’s only publication designed specifically to help credit unions understand the auditor market and choose a CPA partner includes more than 50 pages of leader tables, state data, expert advice, and contact information.

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EDITOR’S NOTE: This listing is updated annually, and the reader comments below might not reflect the current data.

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August 20, 2018

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