Supervisory Committee Audit

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Supervisory Committee Audit

After a thorough audit of your credit union’s records and internal controls, CUACG’s experienced auditors will provide a comprehensive oral and written Supervisory Committee Audit Report to the credit union, giving you an in-depth look at your credit union’s current standing as well as offering you the opportunity to tighten controls for the future. This agreed upon procedure audit will help meet the requirements under section 715.7 of the NCUA Rules and Regulations. The new Minimum Procedures Guide was released by NCUA on January 8, 2020. CUACG has updated our Supervisory Committee Audit to meet all the requirements of the new Minimum Procedures Guide.

If your Credit Union is under $500 million in assets, the Supervisory Committee Audit will meet the needs for your annual audit requirement. It will also cut down on your Audit expenses. On average, Supervisory Committee audits are 50% cheaper than an Opinion Audit.

The time frame covered in the Supervisory Committee Audit will be from the date of your credit union’s most recent audit until the audit date you request. The purpose of the audit is to verify that accounting records are being prepared as required and that they accurately reflect the financial condition and results of operation of the credit union.

More specifically, the audit is designed to verify or determine if:

  • The credit union’s assets and liabilities exist as set forth in the treasurer’s accounts and reports
  • Transactions are recorded in a manner that is timely and accurate
  • Financial statements are complete
  • Ownership of all assets and liabilities is documented
  • Valuation of items in financial statements is appropriate
  • Classification, description, and disclosure of elements in financial statements are appropriate
  • Internal controls are effectively maintained and adequately protect the credit union and its members, volunteers, management and staff
  • Departures from practices prescribed in the laws, bylaws, rules, or regulations, or from acceptable business practices, have occurred
  • Each unit of the credit union is carrying out the plans, policies, and procedures for which it is responsible.

Contact CUACG today to schedule your Supervisory Committee Audit today!

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You are now leaving the Credit Union Auditing & Compliance Group's website. When you click on OK you will be transferred to a website that is not operated by the organization. The Credit Union Auditing & Compliance Group is not responsible for the content on the alternate site. Credit Union Auditing & Compliance Group does not represent the third party. Privacy and security policies of the alternate site may differ from those practiced by the organization.


Important Message

You are now leaving the Credit Union Auditing & Compliance Group's website. When you click on OK you will be transferred to a website that is not operated by the organization. The Credit Union Auditing & Compliance Group is not responsible for the content on the alternate site. Credit Union Auditing & Compliance Group does not represent the third party. Privacy and security policies of the alternate site may differ from those practiced by the organization.