The NCUA has updated its policies on how and when examiners will review a credit union’s audit reports that are prepared by an external auditor, specifying that newly completed audits be sent directly to the examiner from the auditor.

This change affects all federally-insured credit unions.

The NCUA states that in addition to obtaining the audit report directly from the external auditor, an examiner can also obtain the information by using a secure portal or by conducting a physical inspection of the audit report at an agreed upon time and place.

During a NAFCU webcast in February, NCUA Deputy Director of the agency’s Office of Examination and Insurance Tim Segerson provided credit union viewers with an in-depth analysis of what credit unions should expect during an examination and said the agency would be providing additional guidance on this process. A NAFCU Compliance Blog post in February also addressed this topic.

 

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