Although the Supervisory Committee Guide Audit (more commonly known to CPAs as an Agreed-Upon Procedures (AUP) engagement) is by far the most common engagement obtained by credit unions under $500 million in assets, it is neither an audit nor a process that heavily involves the Supervisory Committee. In fact, despite the current pre-determined procedures as outlined in the 1999 Supervisory Committee Guide, there is more confusion and inconsistency in these “audits” than any other process being used. Join this session as we cover the new rules, the confusion, and what is being done to improve this vital component of the credit union audit requirement through the revised regulation and scope of minimum procedures.
Types of Audits Credit Unions can have performed
Changes to regulation 715
A look at the newly proposed scope of minimum procedures