ALEXANDRIA, Va. (Jan. 8, 2020) – The National Credit Union Administration has issued a new guide to minimum procedures for other supervisory committee audits.
The new guide can be found on the agency’s website.
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.