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A Direct Line Blog

What Happens After Your Audit Report?

March 24, 2021 7:30 am

By Donya Parrish, MCU VP- Risk Management

If you are a supervisory committee member, you are part of the team responsible for hiring the annual audit of your credit union. Once the audit occurs, you might have a meeting with the auditor or audit team, you get a summary report, and then what? Do you file it? Hold meetings? Report to the board?

If you have never quite been sure how to make the most of the “next steps,” you are not alone. Ancin Cooley, a speaker at our upcoming August Directors Conference in Lewistown, has some suggestions. His article 3 Crucial Questions You Should Be Asking After Your Audit Report Findings Come Back breaks down a plan into three easy steps — access, prioritize, and delegate.

Anson acknowledges that the information can be overwhelming and confusing (especially for volunteers such as yourself), and he does a nice job of explaining how to create a simple action plan from the audit report. Anything to improve the efficiency of your time and help you focus on the risk to the members’ assets should be pursued, and I think this read qualifies.

The article is on LinkedIn, and I realize you may not all have access to that platform, so don’t hesitate to reach out to me if I can help get you a readable copy. And, if you want to hear more about our August 6-7  conference, we will have registration and details available by late May to early June.

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