What is included in a financial institutions audit and assurance engagement?

An audit and assurance engagement for a financial institution typically includes an independent review of financial statements, evaluation of internal controls, and compliance with relevant banking regulations. PYA’s professionals deliver these services with a focus on accuracy, transparency, and the public trust.

How does FDICIA compliance affect financial institutions?

The Federal Deposit Insurance Corporation Improvement Act (FDICIA) requires certain institutions to maintain specific internal control standards and undergo annual independent audits. PYA helps clients meet these requirements efficiently while strengthening overall risk management and control systems.

Why should a financial institution consider outsourcing its internal audit function?

Outsourcing or co-sourcing internal audit services provides access to specialized expertise, scalable staffing, and independent insights. PYA offers flexible internal audit support designed to align with institutional goals and regulatory expectations.

What are SOC examinations, and why are they important for financial institutions?

System and Organization Controls (SOC) examinations evaluate the security, availability, and integrity of data systems. Financial institutions rely on SOC reporting to demonstrate control reliability to customers, regulators, and stakeholders. PYA provides SOC examinations that meet industry and regulatory standards.

When should a financial institution engage forensic accounting services?

Forensic accounting is valuable when fraud is suspected or when financial irregularities require investigation. PYA’s forensic specialists help identify, document, and prevent fraudulent activity while recommending improvements to internal controls.

How can PYA support the implementation of new accounting standards?

PYA assists financial institutions in adopting new accounting standards by providing technical guidance, process assessments, and tailored implementation plans. This ensures accurate reporting and compliance without disrupting operations.

Financial Institutions Audit & Assurance

The accuracy and effectiveness of an institution’s financial reporting and internal controls processes is critical to its safety and soundness. Selecting a certified public accounting firm to provide assurance on the financial statements and internal controls is an important decision in maintaining its financial health.

PYA’s experienced audit professionals serve the public trust and are keenly aware of their responsibilities to our clients, their boards, and other stakeholders. Having served numerous financial institutions, we can guide your institution through the complexities of financial reporting and internal control design while supporting other aspects of your business.

Our Financial Institutions Audit & Assurance Services

• Audits of Financial Statements
• Outsourced/Co-Sourced Internal Audits
• Federal Deposit Insurance Corporation Improvement Act (FDICIA) Compliance
• System and Organization Controls (SOC) Examinations
• Reviews and Compilations of Financial Statements
• Agreed-Upon Procedure Reports and Special Reporting
• New Accounting Standard Implementation
• Fraud Investigations
• Forensic Accounting

Why Choose PYA?

PYA Audit and Assurance Team Supporting Financial Institutions

Experience That Builds Confidence

PYA has long served community banks, credit unions, and other financial institutions with independent assurance and practical insight. Our professionals understand the regulatory and operational challenges financial institutions face and guide clients through complex requirements with precision.

Independence and Objectivity in Every Engagement

As a privately owned firm, PYA maintains full independence and objectivity. Our integrated audit, tax, and advisory services give clients a complete view of financial health while helping identify opportunities, reduce risk, and strengthen sustainability.

A Trusted Partner in Assurance

PYA is a trusted advisor dedicated to integrity, transparency, and accountability. We help financial institutions achieve reliable reporting and sound internal controls that inspire confidence among boards, regulators, and stakeholders.

The PYA Difference

Over our 40-year history, PYA has consistently delivered high-value advisory services to our national client base. Our team is deployed to develop custom plans using proven approaches and work plans.

Independence

Private ownership means we answer only to our clients, not to third-party investors, giving us the freedom to be thorough and thoughtful in our work. We judge our success by our clients’ success.

Relationships

We value long-term relationships and work hard to maintain them. Our commitment to client relationships and the communities we serve remains constant.