Skip to main content
United States flag An official website of the United States government
Official websites use .gov
A .gov website belongs to an official government organization in the United States.
Secure .gov websites use HTTPS
A lock () or https:// means you’ve safely connected to the .gov website. Share sensitive information only on official, secure websites.

Other Supervisory Committee Audits

20-RA-01 / January 2020
Other Supervisory Committee Audits
Other Supervisory Committee Audits
Federally Insured Credit Unions
Federally Insured Credit Unions
Other Supervisory Committee Audits

Dear Board of Directors and Supervisory Committee/Audit Committee:

On September 19, 2019, the NCUA Board unanimously voted to approve the final rule amending Part 715 governing the responsibilities of a federally insured credit union to obtain an annual supervisory committee audit of the credit union.

A federally insured credit union which is not required to obtain a financial statement1 audit may fulfill its supervisory committee responsibility by obtaining an Other Supervisory Committee Audit.2  Section 715.7 has a simplified Appendix with a list of minimum procedures. During the proposal, the Board stated the agency would issue reference materials to aid federally insured credit unions and others in performing procedures that would meet the minimum requirements of the Appendix.

The NCUA is sending this Regulatory Alert to inform federally insured credit unions about the newly published Other Supervisory Committee Audit Minimum Procedures Guide. This guide can be found on NCUA’s website.

The NCUA will monitor the implementation of the Appendix and may issue informal guidance to address questions that may arise.


Rodney E. Hood


1 Federally insured credit unions with total assets of $500 million or greater must obtain an annual audit of their financial statements performed in accordance with Generally Accepted Auditing Standards by an independent person who is licensed to do so by the state or jurisdiction in which the credit union is principally located. See 715.5 and 715.6 of the NCUA’s Rules and Regulations

2 The Other Supervisory Committee Audit option may not be adequate for all eligible credit unions. In such cases, the supervisory committee should consider an opinion audit of the financial statements performed by a licensed individual.

Last modified on