Supervisory Committee Audit Guide Now Available

in News Center
010920cuweekly

The National Credit Union Administration (NCUA) has issued a new guide to minimum procedures for other supervisory committee audits.

Click here for the new guide.

The NCUA Board in September 2019 unanimously approved a rule amending Part 715 of agency regulations governing federally insured credit unions’ responsibilities to obtain an annual supervisory committee audit. A federally insured credit union that is not required to obtain a financial statement audit may fulfill its responsibilities by obtaining an Other Supervisory Committee Audit. Section 715.7 of the regulations has a simplified Appendix with a list of minimum procedures.

The NCUA will monitor the implementation of the Appendix and may issue informal guidance to address questions that may arise.

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