In October, our blog let you know about Changes to the Supervisory Committee Audit, including resources NCUA promised to update. Consider it a late holiday gift, or a preview of great things to come this year, but they updated their Supervisory Committee Guide!! If you used the old one, you already know it had not been updated in decades and was in need of a refresh.
As noted in the foreword of the guide, “the sufficiency of the procedures, judgments about materiality, and any need for additional or expanded procedures, remains the responsibility of the supervisory committee. The supervisory committee, internal auditor, or other qualified person may need to perform additional procedures to supplement these procedures, based upon the credit union’s risk profile and products and services offered.”
I recommend you let your own committee members know right away that the new guide is out there. It is only 26 pages, which compares to the old guide that is 25 CHAPTERS long. That is an improvement, and I know the agency has committed to reviewing it regularly to provide updates and additional guidance.