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CU Direct Completes SAS 70 Audit Report

RANCHO CUCAMONGA, Calif. - Credit Union Direct Corp., which developed and administers the Credit Union Direct Lending (CUDL) program, has obtained a Statement on Auditing Standard (SAS 70) audit report for controls related to its automated decisioning engine. The audit, says a CUDL statement, "attests to the accuracy of the...

By Staff Writer | Updated on October 05, 2004

RANCHO CUCAMONGA, Calif. – Credit Union Direct Corp., which developed and administers the Credit Union Direct Lending (CUDL) program, has obtained a Statement on Auditing Standard (SAS 70) audit report for controls related to its automated decisioning engine. The audit, says a CUDL statement, “attests to the accuracy of the controls description and the rigor with which controls are designed, implemented and monitored.” It also demonstrates that CU Direct has met the requirements for a SAS Type I report. The examination was conducted by Certified Public Accountants RSM McGladrey Inc. and conforms to the standards established by the American Institute of Certified Public Accountants. Commenting on CU Direct becoming the first indirect lending organization to achieve a SAS 70 (Type I) audit report, President/CEO Tony Boutelle said “a SAS 70 Type I audit report carries with it the cachet and credibility of the AICPA regarding CU Direct’s specific control objectives. We take a great deal of pride in the policies and procedures that enable us to meet those objectives, ensuring that everyone involved in the transaction will be protected under every conceivable scenario or contingency.”

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