Credit union supervisory committees perform a vital role in oversight of the credit union’s accounting and operating practices. Per NCUA regulation 715.3, the basic responsibilities of a credit union’s supervisory committee are to:
- Meet required financial reporting objectives and
- Establish practices and procedures sufficient to safeguard members’ assets.
Supervisory committees are mandated to fulfill those basic obligations through the execution of an annual audit. Per NCUA regulations, credit unions less than $500 million in assets may bypass the costly and complex financial statement opinion audit and elect to perform a cost-effective, yet valuable supervisory committee audit.
Symphony can take your credit union beyond the basics by leveraging our expert team to complete your annual supervisory committee audit. The Symphony team is passionate about partnering with credit unions, and brings nearly 50 years of experience in credit union strategy, operations, and accounting.
What You Can Expect
- A comprehensive supervisory committee audit which fulfills NCUA requirements and performed in accordance with NCUA Rules and Regulation 715.7
- Thorough audit report detailing each procedure performed and the results of our findings
- Historical financial trend analysis report, including a brief commentary
- Feedback from our team, including industry best-practices intended to strengthen your internal controls, which can assist in safeguarding against errors and fraud
- Assurance that your credit union adheres to policies and procedures
- Upon completion, a meeting with credit union officials to discuss results
To schedule your supervisory committee audit, or to discuss whether this type of audit is appropriate for your credit union, contact us.
In addition to annual Supervisory Committee Audits, periodic interim audits can further enhance your credit union’s internal controls. Symphony offers interim audits on a quarterly or semi-annual basis, and conducts these audits in accordance with select procedures of NCUA regulation 715.7, Other Supervisory Committee Audits.
Obtaining interim audits from Symphony provides your credit union with expert external feedback throughout the year. Symphony’s interim audits allow your staff to strengthen credit union practices and procedures throughout the year rather than waiting for your annual audit to address all findings.
What You Can Expect
- Your supervisory committee or management will partner with an experienced Symphony employee to determine the parameters and scope of your interim audits
- Our team will help sustain and support your credit union’s areas of strength, while areas of concern will receive enhanced attention
- More timely resolution of findings versus solely relying on annual audits
- A thorough report which will detail the scope of the audit and any findings identified
- Exit meeting to cover the audit results with credit union officials
Member Account Verification
NCUA regulation 715.8, Requirements for verification of accounts and passbooks, requires all credit unions to perform a member account verification at least every two years. The verification of accounts may be performed as part of the Supervisory Committee Audit, or it may stand alone as a separate review. Regardless of the path your credit union takes, an independent review by Symphony’s team provides enhanced controls over the member account verification.
What You Can Expect
- Symphony’s experienced team will meet with your credit union to determine the methodology for account verification
- All methods utilized by Symphony meet NCUA requirements
- External verification provides enhanced control over the account verification process, decreasing the risk of fraud throughout the process
- Symphony will provide a report of methods used, and any discrepancies identified during the member account verification process