Loan Package

Purpose

The purpose of the Loan Package is to determine that certified loans were made in accordance with the plan's loan policy.

Population tab

The Population tab is a schedule of loans with activity during the current plan year. This tab includes loan detail and a count of new and outstanding loans which can be used as the population for loan sampling.

Testing tab

The Testing tab pulls through relevant information from the Population tab for the selected sample.

Sample

The workpaper will include the following information regarding the sample:

1. Population Source: Loans Issued
2. Population Amount: Total Loans Issued Amount
3. Population Count: Number of Loans Issued
4. Sampling Unit: Individual Loan
5. Seed Number: This number can be used to regenerate the sample selection
6. Sample Methodology: Sample methodology chosen by auditor. See Sampling Considerations section.

Testing Procedures

AuditMiner testing procedures are as follows:

1. Verified the loan rate and amount were appropriate based on the requirements in Note 1 as of the date the loan was taken out.
2. Verified the number of loans outstanding did not exceed the requirements in Note 1.
3. Verified payment frequency is in compliance with the Plan's loan policy.
4. Verified the loan was in good-standing at plan year end and there was no evidence of default.