Run Credit Union Supervisory Committee Annual Audit Checklist — Free

Inspection Details

Audit period documented

Enter the audit period covered by this review (for example, fiscal year or quarter range).

Reviewer identified

Enter the name or role of the supervisory committee member, internal auditor, or reviewer completing the checklist.

Scope includes internal controls, financial reporting, and required testing critical (required)

Confirm the audit scope covers internal control review, financial reporting, and required testing under NCUA Part 715.

Yes No N/A

Prior audit findings reviewed

Confirm prior findings, exceptions, and open corrective actions were reviewed before fieldwork began.

Yes No N/A

Governance and Internal Control Review

Segregation of duties is adequate for cash, posting, and reconciliation functions critical (required)

Verify incompatible duties are separated or compensating controls are documented and operating effectively.

Yes No N/A

Access to core systems is restricted by role and reviewed periodically critical (required)

Confirm user access is role-based, approved, and periodically recertified for core processing and financial systems.

Yes No N/A

Board and committee oversight minutes document review of financial and audit matters

Verify minutes reflect review of audit results, exceptions, material risks, and management responses.

Yes No N/A

Policies and procedures are current and approved

Confirm key policies supporting lending, deposits, cash handling, reconciliations, and reporting are current, approved, and accessible.

Yes No N/A

Exception monitoring identifies unresolved control breakdowns critical (required)

Verify exception reports, overrides, and unusual transactions are monitored and escalated when thresholds are exceeded.

Yes No N/A

Fraud prevention and whistleblower reporting channels are available

Confirm members and employees have a documented method to report suspected fraud or control concerns.

Yes No N/A

Financial Reporting and Reconciliations

Trial balance agrees to the general ledger critical (required)

Confirm the trial balance ties to the general ledger and any reconciling items are explained and approved.

Yes No N/A

Monthly bank reconciliations are completed and reviewed timely critical (required)

Verify bank reconciliations are prepared each month, reviewed by an independent person, and supported by documentation.

Yes No N/A

Aging of outstanding reconciling items is acceptable

Enter the number of days of the oldest unresolved reconciling item.

Financial statements are prepared in accordance with approved accounting policies critical (required)

Confirm financial statements reflect approved accounting policies and consistent classification of assets, liabilities, income, and expenses.

Yes No N/A

Material variances are investigated and documented

Verify significant month-to-month or budget-to-actual variances are explained, supported, and reviewed by management.

Yes No N/A

Regulatory reports are submitted accurately and on time critical (required)

Confirm required reports, including call reports or other applicable regulatory filings, are complete, accurate, and submitted by deadline.

Yes No N/A

Required Testing and Sample Review

Cash counts performed and reconciled to records critical (required)

Verify cash counts were performed and compared to the general ledger or subsidiary records with differences investigated.

Yes No N/A

Loan sample tested for authorization, documentation, and approval critical (required)

Review a representative sample of loans for proper approval, required documentation, and adherence to lending policy.

Yes No N/A

Share and deposit accounts tested for accuracy and member authorization critical (required)

Verify sampled share and deposit accounts are accurately maintained and supported by appropriate account authorization.

Yes No N/A

Disbursements and expense approvals tested

Confirm sampled disbursements were properly approved, supported by invoices or receipts, and coded correctly.

Yes No N/A

Wire transfers and ACH activity reviewed for authorization and exception handling critical (required)

Test sampled wire and ACH transactions for dual control, authorization, and documented exception review.

Yes No N/A

Sample size documented

Enter the number of transactions or accounts sampled during this audit.

Exceptions, Corrective Actions, and Sign-Off

All deficiencies documented with severity and owner critical (required)

Record each deficiency or non-conformance with a clear description, severity, responsible owner, and due date.

Yes No N/A

Corrective actions assigned and tracked to closure critical (required)

Confirm corrective actions are assigned, dated, and tracked until verified complete.

Yes No N/A

Management response obtained for material exceptions

Verify management provided a written response for material issues and the response was reviewed by the committee.

Yes No N/A

Inspector signature

Signature of the reviewer completing the supervisory committee audit checklist.

Note (optional)

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Run: Credit Union Supervisory Committee Annual Audit Checklist

Inspection Details

Governance and Internal Control Review

Financial Reporting and Reconciliations

Required Testing and Sample Review

Exceptions, Corrective Actions, and Sign-Off

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