NCUA Other Supervisory Committee Audit Minimum Procedures Guide
If your committee performs the annual audit itself instead of hiring an outside accountant, this is NCUA's own checklist for what that audit has to cover — cash, loans, shares, investments, and more — so you're not guessing at what 'minimum procedures' means in practice.
Section 715.7 of NCUA’s rules lets a smaller, less complex credit union satisfy its annual audit requirement without engaging an outside accountant. The supervisory committee itself, an internal auditor, or another qualified person can perform what the regulation calls an “Other Supervisory Committee Audit” instead of a full financial statement audit. This guide is NCUA’s own walkthrough of that option: step-by-step procedures across cash, loans, investments, shares, fixed assets, and other areas the audit is expected to touch.
Read it alongside 12 CFR Part 715 Appendix A, not instead of it — the guide expands on what the regulation requires. NCUA is explicit that judgment calls about materiality, sample sizes, and whether additional procedures are needed still rest with the committee. This document is a floor, not a substitute for thinking through your own credit union’s specific risks.
This is not legal, accounting, or compliance advice. Verify against the official source and your own professional advisors.