Redboard credit union audit scorecard

It doesn’t matter if you’ve never done and audit or if you’ve completed dozens. You’re probably going to feel a little nervous. And a little exasperated. And, most importantly, you’ll wonder if you’re prepared.

We understand that worry. In fact, we’d like to help you out with that worry. So, we created an audit scorecard for your credit union.

You can use our audit scorecard to assess how ready your credit union is for your upcoming audit. It can show you which areas you might need help with, too.

(Don’t want to read what you’re getting yourself into? Check out our audit management scorecard here.)

 

How We Developed Our Audit Scorecard

Paying too much attention to what others do can sometimes detract from your own work. But with audits, sometimes it’s best to fall in line.

Our audit scorecard was developed with “other” credit unions in mind. We’ve taken stock of the industry. We’ve seen what other credit unions do during audits and audit preparation. We’ve picked the most successful strategies, and we developed a little scorecard to measure preparedness.

So, this is one case where peer benchmarking makes sense. The best tips and practices from the most successful credit unions went into this.

Certainly, if you don’t think you need what other credit unions need to succeed, then you’re probably right. You probably have experience and a great team with you.

But if you want to make extra sure, it never hurts to double check…

Ready, Set, Audit!

So, what does the scorecard do? And how do you use it?

Our audit and examination scorecard evaluates your credit union’s risk. If you’re well prepared for an audit, it will tell you. If you’re not, it will show you where you should focus your preparation efforts.

The scorecard is very easy to use. There are four short areas of questions:

  • Number of audits and exams per year
  • Number of people involved in audits and exams
  • Management, review, and delivery methods
  • Preparation and past results

Answering a few questions in each of these areas will compare your process and readiness to a greater body of work. Then, the scorecard will provide an assessment of your readiness in each area.

Red scores indicate high priority issues.

Yellow scores show that you might need more preparation.

Green scores mean you’re doing great! High five.

audit checklist

FREE: Audit Checklist for Credit Unions

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

Further Reading

We created this credit union audit and examination scorecard to help you. It’s simple, free to use, and carries no obligation!

For some people, the scorecard may tell you that you’re good to go. But if you don’t feel ready yet, you can also check out our audit checklist.

Subscribe to our blog to stay up to date on our newest audit tools and tips. Or follow the links below to see what else we’ve written about lately.

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