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The Audit Library Consulting Group

Friends, readers and subscribers, I have a special announcement! After many weeks of planning and much work behind the scenes, The Audit Library has expanded into consulting services. The Audit Library Consulting Group is excited to serve credit union clients. In this post you can learn more about a new team member and the engagements we offer.

Meet the Team

First of all, if you are new to the blog, you are reading the words of Olivia Whipple, aka me. I will continue to write the blog, create the content for The Audit Library subscribers, and handle the operations of this website. I am adding Consulting Partner at The Audit Library Consulting Group to my list of responsibilities.

No one is more excited to welcome John Kaneklides to the team than I am! John is a Certified Internal Auditor based in New York City, who will also be a Consulting Partner in this new venture. John was the senior auditor at a large credit union, and has been a long-time advocate, volunteer and speaker in the industry. In addition to being a successful auditor, John is a nationally recognized singer and regularly performs in New York and around the country.

John and I have previously worked together, and have known each other for nearly a decade. We will bring professionalism, real-world knowledge and first-hand experience to our clients. When we recommend a practice or control, it will be something one (or both) of us has implemented and found successful. We keep up on blogs, articles and industry news, but at the end of the day we are qualified to help you because we have been where you are.

So, what will we be doing, exactly?

Quality Assurance Reviews (QARs)

QARs are the industry standard, and we recommend this service for credit union auditors who have obtained CIA certification from the Institute of Internal Auditors (IIA). These engagements are required every five years by the IIA, at a minimum, as part of a Quality Assurance Improvement Plan with internal and external (independent) assessments. We will place an emphasis on the International Professional Practices Framework Attribute Standards, and evaluate the Internal Audit activity as a whole. Upon successful completion of a QAR, clients can use the coveted phrase “Conducted in conformance with the International Standards for the Professional Practice of Internal Auditing” in reports and other deliverables, per IPPF Standard 2430. Additionally, we will help your department gain visibility and improve your reputation through this engagement.

Internal Audit Department Reviews

Similar to QARs, we are offering a product for auditors who have not yet obtained CIA certification. While the Standards still apply to auditors in this category, the focus of this engagement will be to increase your effectiveness and improve your efficiency. We will take an objective and independent look at your operations, including the planning process, audit workpaper quality, issue tracking, and reputation within your credit union.

Supervisory Committee Reviews

We recognize that a large proportion of credit unions are operating without an Internal Audit function. In these cases, the Supervisory Committee (credit union speak for Audit Committee) is also the Internal Audit department; all regulatory requirements and professional standards still apply! For any readers with this type of arrangement, we are offering a review of your operations with emphasis on the NCUA Supervisory Committee Guide.

Audit Plan Development

We can take one item off your to-do list and create your annual risk-based Audit Plan. This engagement includes planning surveys, allocating audit resources, and ensuring risks are appropriately addressed. Our final deliverable is an Audit Plan spreadsheet with time-tracking capability for your team. Our final product will also allow you to track project realization for each engagement, and productivity for each auditor. We can add preparation of customized audit programs for your plan year to the scope of the engagement, if desired.

Document Preparation

If you need governing documents that will stand up to regulatory scrutiny, this is your solution! We can create custom policy, procedures, and charters for your Internal Audit department and your Supervisory Committee. We can also add-on a custom Anti-Fraud and Whistleblower Protection Policy document if this falls under your responsibility.

Supervisory Committee Planning and Assistance

Similar to the Audit Plan development, we can create an annual work plan and detailed schedule for credit unions with Supervisory Committee members serving as the Internal Audit function. We can also prepare meeting agendas for the year, covering the various requirements and guidelines from the NCUA. Additionally, we can call in to meetings, take minutes, and be available for questions as they arise, for an additional annual fee. This is a great option for Supervisory Committees with new members, who may be unfamiliar with NCUA requirements, which can be onerous.

Contact us today to request a proposal! If you know of a credit union that may benefit from assurance consulting by credit union experts, please share this post on any of the social networks. Any questions about this new venture for myself or John? Contact us or leave a comment!

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