Supervisory Committee Audit Work-Plan Checklist
The minimum procedures for a supervisory committee audit, organized by area — browse it here, then download it as a spreadsheet or print it to actually track your work.
Nothing on this page is saved anywhere — there's no in-browser save state to lose to a stray click. Download the checklist below as a spreadsheet, or print it, and do the actual filling-in wherever you already keep your committee's records.
Every item below is one of Appendix A’s own minimum procedures, in plain language. Nothing here is saved on this page — download it as a spreadsheet and track completion, what you’re waiting on from management, and your notes wherever your committee already keeps that record.
18 procedures across 7 groups.
Board Minutes Review
- Read the board of directors' meeting minutes for the audit period and flag any material changes in the credit union's activities or financial condition that matter to the areas you're auditing.
Testing and Confirming Asset and Liability Accounts
- Test and confirm a sample of loan balances directly with borrowers or through independent supporting records.
- Test and confirm the credit union's cash-on-deposit balances (checking, correspondent, and corporate credit union accounts).
- Test and confirm investment account balances directly with the institution or custodian holding them.
- Test and confirm a sample of member share account balances.
- Test and confirm the credit union's outstanding borrowings or lines of credit.
Equity, Income, and Expense Accounts
- Test material equity, income, and expense accounts for accuracy.
Unrecorded Liabilities
- Check for liabilities that should be on the books but haven't been recorded yet.
Review of Key Internal Controls
- Review the credit union's bank and corporate credit union account reconciliation procedures for soundness.
- Review the credit union's cash handling and safeguarding controls.
- Review the controls for monitoring and safeguarding dormant (inactive) member accounts.
- Review the controls governing wire transfers and ACH transactions.
- Review the credit union's loan approval and disbursement procedures.
- Review the controls over accounts belonging to employees and officials.
- Review how the credit union tracks and manages other real estate it owns (OREO).
- Review how the credit union tracks and manages foreclosed and repossessed assets.
Allowance for Loan and Lease Losses
- Check the math behind the allowance for loan and lease losses, and confirm the credit union applied its stated methodology correctly.
Loan Delinquency and Charge-Offs
- Test how the credit union classifies delinquent loans and processes loan charge-offs.