NCUA Part 715 — Supervisory Committee Audits and Verifications
This is the rule that defines your committee's core annual obligation. It sets out what kind of audit is required based on your credit union's size and charter, who is permitted to perform it, and the minimum procedures that must be covered if the committee conducts the audit itself rather than engaging an outside firm. If you read one regulation in your first month, read this one.
The operative text lives at eCFR and is kept current there — always work from the official version rather than any summary, including this one.
Appendix A is the part most committees actually use: it lists the minimum procedures for a supervisory committee audit performed without an outside auditor. Committee Desk’s interactive audit work-plan tool is built from that appendix.
As of mid-2026, NCUA has a proposed rule pending that would trim several provisions of Part 715 it considers redundant or overly prescriptive — including a change to how “internal control” is defined and the removal of a requirement to hand over audit reports to NCUA on request (NCUA already has access through its exam authority). Nothing has changed yet; the current text at eCFR is still the operative rule. Worth a re-read once a final rule is published, since the appendix your committee actually works from could shift.
This is not legal, accounting, or compliance advice. Verify against the official source and your own professional advisors.