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.

That is, unless you have a plan to get you through the process. Or even better, a checklist on hand for efficient and painless preparation.

You’re a credit union with a tight schedule and busy staff. You want a way to up your productivity when audit time rolls around.

At Redboard, our mission is to help streamline and perfect your audit process through four simple steps:

  • Addressing prior audit results
  • Defining changes in management and procedures since your last audit
  • Identifying key people and developing a paper trail of accountability
  • Identifying and easing the access of important materials and documents

Our audit checklist was developed to help you close out audits without a hitch. And if you ever need it, our software is here to back you up.

Step One: Address Prior Audit Results

Preparing for a new audit can be a bear. What happened last time? What should you expect this time? Reviewing historical results is key to ongoing success.

You’ll find a checklist for “observations” under step one. This is a good place for you to keep track of things your auditors noted in their last audit. This box allows you to track issues that don’t have to be changed for your next audit, but that may improve your process.

Documenting those odd procedures or calculations will help you better define your procedures moving forward into you next audit. As the years pass, you’ll have a clear progression of identifying and correcting those observations. Reviewing your previous findings, observations, and other issues will ensure that things go smoothly and you avoid repeat findings.

Sometimes all it takes is a reminder to chip away at those menial tasks. Before you know it, you’re ready for step two.

Step Two: Define the Changes Since Your Last Audit

Did anything change since your last audit? Did someone get promoted? Did someone else leave? Have regulations changed? Is there anything that you may have to do differently this time?

Under step two, you’ll document the changes in management, products and procedures, guidance and still have room for your own notes.

We’re referring to the management of specific, audit related tasks. Knowing who did what last year means you’ll have a quick reference point for who to email when you have a question. It means you can see at a glance who is accountable for it now.

This part of the checklist makes the succession of accountability clear and easy to follow.

The same principal applies to the change in procedures. Document everything in one place for quick reference and absolute clarity.

With space to outline your guidance and a customizable “other” box, you’ll be confident that you’ve afforded clarity and direction.

Step Three: Identify Key People

This step is pretty straightforward. Make a quick note of who will be involved and what role they’ll play. Seeing who was involved last time will help if and when you need to track down historical documents or answers.

Step Four: Identify Important Materials and Documents

Keeping track of paperwork is a hassle, even in the digital age. Between mass emails, private emails, and the occasional fax or print, things get disorganized and buried.

By completing this step, you know which documents and materials you need and where to find them. You keep track of accountability when it’s clearly stated who is responsible for which materials.

And the Redboard platform takes this a step further. Our system automatically tracks who has accessed each document and which changes were made by that user.

audit checklist

FREE: Audit Checklist for Credit Unions

4 key principles and 13 questions to jumpstart your audit planning. From leading credit unions.

Final Thoughts

Audits are an undertaking. But they can be made simpler this year if you use our checklist—whether your pursuing an outsourced, internal, or NCUA audit/exam, this checklist will help you prepare.

It’s not exhaustive, but it’s been a proven framework for success for the credit unions that have worked with us already.

audit checklist

FREE: Audit Checklist for Credit Unions

4 key principles and 13 questions to jumpstart your audit planning. From leading credit unions.

If you want to know more about how Redboard can help you improve your audit process and results, check out some of our related reading here:



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