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.
With that in mind, we spoke with our colleagues around the industry to see what they felt were the most important goals in front of them. Unsurprisingly, these goals look suspiciously like resolutions. So, here are 7 New Year’s resolutions for credit union auditors, from credit union auditors.
1. Identify staffing needs and act on them
If you feel like your audit team is light on staff, you’re not alone. The #1 concern we hear is that there’s not enough staff—and not enough budget to hire staff.
This year, identify the most effective staffing model for your credit union’s audit needs. Then, ask for a staffing budget. You’ll rarely get what you don’t ask for.
2. Complete the entire audit plan
This sounds obvious, but the last few years have been tough (see Resolution #1). Many people we spoke with felt that simply completing their audit plan was an accomplishment. Some were disappointed that they couldn’t finish everything they set out to do.
Give yourself the gift of that accomplished feeling. Be willing to find new resources and try new things to get there.
3. Complete more training
Whether you’re a 1-person team or part of a larger, well-oiled machine, your work—and your colleagues—will benefit from continued training.
Also think about who else at the credit union could benefit from training in audit processes. Do your business units understand how to read your spreadsheets or use your software? Is your supervisory committee aware of the biggest risks and priorities?
4. Get certified
Do you and your team have the best certifications? Maybe this is the year you or one of your team becomes a Certified Credit Union Internal Auditor (CCUIA). Maybe you step it up to Certified Internal Auditor (CIA).
5. Implement new software
There are a few credit union audit software solutions that help auditors manage more audit in less time. Moving away from spreadsheets and email could easy make the difference for Resolution #2.
We highly recommend our audit management platform, Redboard. We’d be happy to give a free assessment, and if we don’t think we can help you, we’ll be the first to say so. You can schedule one here.
6. Push for supervisory committee training
Although we mentioned it in Resolution #3, several people suggested this specifically. Supervisory committee members should understand auditing principles and practices, especially in a credit union context.
Additionally, committee members need good communication and decision-making skills, as they may be called upon to review complex information and make recommendations. A good place to start looking at this kind of training is at nacusac.org.
7. Create a supervisory committee charter
Structure and order are audit’s best friends. But structure and order can’t be limited to the audit team itself—it must also extend to the supervisory committee.
A solid supervisory committee charter is key to producing the most effective and best results. If you don’t have one yet, it’s time to create one.
Resources for a Successful 2023
We’ve created several resources to help credit union auditors. You may download these two for free here:
Get FREE Access to the Audit Checklist for Credit Unions!
