NAFCU offers support for proposed supervisory committee audit changes

NAFCU’s Kaley Schafer offered the association’s general support for the NCUA’s proposed rulemaking on supervisory committee audits and verifications, thanking the agency for its “commitment to providing supervisory committees flexibility in performing their audit duties.”

Schafer, NAFCU’s regulatory affairs counsel, said the association was supportive of the following provisions within the proposal:

  • removal of the “report on examination of internal controls over call reporting” alternative audit option;
  • removal of the 120-day language in engagement letters to outside compensated auditors regarding the required written report; and
  • the flexible and streamlined Appendix A to Part 715 alternative audit option.

In addition, Schafer asked the agency to preserve the Supervisory Committee Guide to allow credit unions to continue to access it as a resource, and to not include any additional areas of review in Appendix A at this time.


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