The COVID-19 crisis has changed regular exam, external, and internal audit operations. And, as with any period of upheaval and change, communication is key. In fact, this communication will be key to ensuring that your supervisory committee understands what your audit team is doing, how they’re doing it, and what they can expect.

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Credit unions are facing new challenges during COVID-19. Many of their members are facing new financial circumstances, and those members are asking new questions. Credit unions are working hard to provide answers.

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The COVID-19 pandemic has brought about a lot of changes for credit unions. New compliance measures. New forbearance guidance. Operational priorities.

Unemployment rates across the US are at an all-time high since the Great Depression. The landscape of automatic deposits is changing.

Del Norte Credit Union (DNCU) is based in Santa Fe and Northern New Mexico. With just over $700m in assets, DNCU has a lean operation and outsources many of its audits. Their internal risk management activities are focused on managing their outsourced audits and running ongoing quality control and monitoring activities. 

Being a credit union auditor can be pretty straightforward. Balance risk, enhance reporting, and optimize performance. But COVID-19 threw a wrench in the standard.

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It’s time for your credit union to run an audit. You’re thinking about delegation, organization, paperwork, and computer files.

Running an audit is stressful and time consuming.

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Digital Federal Credit Union (DCU) is based in Marlborough, Massachusetts, and their member base is spread across every state in the union. At over $9b in assets, DCU’s audit department had their hands full. Coordinating their audit activities and business units required quite a bit of management.

Credit Union of Southern California (CU SoCal) is a credit union that serves Los Angeles, Orange, Riverside, and San Bernardino Counties. They are relatively large at over $1.8b, so they require a robust audit program. In addition to the usual business units and experts, they support a two person audit team that coordinates and executes audit activities.

The last few months have undeniably created unique situations for credit unions. The way members are interacting with their branches, the expectations of employees, and the requirements by the NCUA have all been through changes amidst the COVID-19 pandemic.

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