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.


AUDITOR DATA 07.01.17 – 06.30.18
© Callahan & Associates |

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.





  • As a former NCUA examiner and CU CEO & CFO, I'll share that there are two firms on here I highly respect, and one what does a shoddy job, finds exceptions and fails to put them in their report even though they are noted on their work papers. The firm is almost always the lowest bid. Auditors work by the hour - so the CUs with the better organized account records gets the lower bid. There is no such thing in cost per asset size in real life. A $25 million CU with full services can take as long to audit as a $500 million plain vanilla CU with centralized lending. As you would when selecting a DP firm ALWAYS, always, always get references from both the CEO & Audit committee, and NOT from the list the sales-partner gives you (Those references will all be more than lovely) As for the "Arthur Anderson thing" of getting consulting help and audit help from the same firm . No. Dot. Do. It. It's a conflict of interest because the auditors are review the results of their firms recommended action. CPA firms with the highest integrity REFUSE to do both services for the same client (M&P). We all know how the Arthur Anderson thing turned out for the S&L crash of 1984 as well as Enron.
    Carolyn Warden CCUE
  • I am an Internal Auditor for the Supervisory Committee of a Wash. DC Federal credit union. The Chairman of our Comm. has tasked me with selecting a new CPA firm for our annual audits. I was given a list of potential CPA firms, three of which are the top three on this list, and the other is JB Mares. You mentioned that two on this top ten list are highly regarded but one was not. If you are permitted, could you please give me the names of these three credit unions? If not, could you direct me to a website where I can get info on CU ratings and complaints. I would appreciate any info you can provide to narrow my selection.
    Bill Balach
  • Excellent source material for research.
    Gerard Herrling
  • I'd like to know average fee per $100 mil. or something price wise. I'd also like to know what % of their work is agreed upon procedures, and what % are opinion audits. And finally I'd like to knwo if any of them do the "arthur Anderson thing" and books consulting or other work engagements with that % of their clients and what % of the audit fee are these extra billables?