2023 New Year’s Resolutions for Credit Union Auditors

Happy new year, credit union auditors! As 2022 fades in the rearview and we set our sights on what 2023 brings, it’s a good time to do what auditors do best:

Assess weaknesses, identify solutions, and plan for improvement.

Measure audit success

Taking Part in Your Credit Union’s Next Audit? Read This.

If you are reading this, you may be new to the world of credit union audit processes. Audits are an essential part of the credit union’s operations and ensure that all internal controls are in place and functioning properly.

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Credit union audit software from redboard

There are three basic types of audit software for credit unions: Basic, Enhanced, and Engaged. Read on to learn more about each kind—and which would be best for your credit union.

Measure audit success

How to Measure Success when Implementing Auditing Solutions

Finding a solution to address credit union auditing inefficiency is difficult enough. Measuring success after actually implementing changes in the audit process is an additional challenge.

Specifically, it’s difficult to know how to measure the efficacy of the solution. How can auditors know that the impact is significant enough? What is the benchmark of success?

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Credit union audit efficiency

How to Maximize Audit Efficiency with Minimal Resources

If your organization is struggling to keep up with increasing audit demands, it’s likely not due to a single issue. Rather, multiple issues combine to affect efficiency and threaten negative (or even detrimental) consequences.

Unfortunately, credit unions and their auditing teams don’t have the resources to fix every existing problem at one time. It’s key to prioritize changes that have the potential to yield the biggest impact.

 Here, the problem lies in identifying the areas with the most potential to improve efficiency with the resources available.

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Exponential credit union growth brings a wave of new problems—primarily, audit departments aren’t growing at a proportionate rate to the increase in new responsibilities. There isn’t enough time or staff to meet compliance demands, and credit unions collectively face bigger problems as a result.

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Redboard is a credit union audit management platform that has helped credit unions of all sizes reduce their audit administration time by 50%. At the Association of Credit Union Internal Auditors conference, Redboard unveiled two pieces of news:
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Helping credit union audit programs succeed is our mission at Redboard. We’ve developed checklists, worksheets, and more to help auditors increase their bandwidth.

Now, Redboard has teamed up with The Audit Library to save credit union auditors’ time and make their lives easier.

Read on to learn more about each company and how they support credit union, internal audit professionals. Or, follow this link to learn more and request a demo.

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Redboard is proud to speak at two upcoming credit union audit conferences. Both are quality events with great lessons for credit union auditors and supervisory committees alike.

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Credit union internal audit program plan and suggested procedures from redboard

Credit union internal audit programs accomplish a lot with relatively few resources. At Redboard, we want to ensure your audit team has a clear path to success.

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