At the beginning of the year, I often see a lot of “Best of” lists counting down the best of a certain category from the previous year. There are Best Albums of 2019, Best Memes of 2019, Best Movies of 2019, Best Books of 2019, etc. I’ve seen so many of these lists pop up lately, that I thought it would be fun to create a “Best of” list for The Audit Library!
So, I compiled 2019’s Best of The Audit Library list. Throughout this list, you will discover not only some of our favorite documents, but also documents and templates that your colleagues are downloading, requesting, and using the most. I invite you to take some time to read through our list and see if there is a document or template here for you to discover!
At the request of our valued subscribers, in 2019 we began to provide new compliance audit program templates. Spoiler alert: there are more to come in 2020! We have completed extensive research on Fair Lending, and are very proud of this wonderful template. It is extremely comprehensive, yet easy to follow, and provides all that you need in order to perform a compliance audit, in accordance with regulatory recommendations.
In 2019, corporate culture became a “hot topic” in both the Credit Union industry and the audit world. We heard it mentioned often at the ACUIA annual conference, and decided to provide our subscribers with an audit program! Additionally, we created a Corporate Culture Audit Survey Template that works alongside the audit program. Auditors can distribute the survey to various employees to help them gain an understanding of how others view the corporate culture at their Credit Union.
The Institute of Internal Auditing Standards require that each Internal Audit department maintain a Quality Assurance and Improvement Program (QAIP). The Audit Library’s template will help set up the six-step process of the QAIP and simplify this requirement that many auditors tend to put off and regulators are beginning to look for. As a side note, The Audit Library also offers Quality Assurance Reviews as one of our flagship consulting engagements. Contact us for more info!
This is another one of the compliance audit programs we were proud to introduce in 2019. It is a detailed (yet easy to follow) program that almost every Internal Auditor at a Credit Union needs. While some Credit Unions may outsource this audit, with a looming recession and tight budgets, the BSA, OFAC, & MIP Audit Program can help auditors perform a regulatory requirement in house!
While the Supervisory Committee is responsible for keeping meeting minutes, let’s be real. Auditors end up writing them, no matter what! It may seem like Supervisory Committee meeting minutes are superfluous, but they often contain information that must be conveyed to other parties, such as the Board of Directors. Having a template to work off of can get you out of the rabbit hole of overthinking, and is invaluable.
Every Internal Audit department needs a charter. A charter provides the department and outside readers with an understanding of the Internal Audit department’s purpose and authority, while aligning expectations and setting boundaries. Some audit departments need to adopt a charter for the first time, while other auditors need a better version than what they currently have. This is a really good one! (Okay maybe we’re biased, but check out our testimonials page). We have considered the multiple requirements of a Credit Union Internal Audit department without including extraneous information.
4. Loan Review Templates
For this “Best of” item, we couldn’t limit ourselves to just one document. The Audit Library has templates for many different loan types, including our Consumer Secured Loan, Consumer Unsecured Loan, Real Estate Loan, and Business Loan workpapers. Olivia first developed this type of workpaper when she was an external auditor over ten years ago. We’ve updated and used these documents as Credit Union Internal Auditors for years, perfecting them along the way. The templates cover every aspect of loan review and walk the auditor through gathering loan information, performing debt to income and other calculations, making estimations and assumptions, reviewing required documentation, and analyzing data. Additionally, we have included the much-needed space to make notes and share screenshots so you can document your findings.
As one of our most popular downloads of 2019, this template is an important audit program for Credit Union auditors. The Board of Directors, Supervisory Committee, and the NCUA expect auditors to provide assurance that employee and official expenses are reasonable and well-controlled. This template provides all the steps needed to help your Internal Audit department provide the assurance required. It’s almost impossible to complete this project without some really good audit exceptions! Double reimbursements, first class airfare, and charging personal items to the company are just three examples of exceptions you are sure to find… Maybe auditors have a slightly different view of the world sometimes!
This spreadsheet is also one of our most popular downloads of 2019 and it is easy to understand why! It provides an easy way to calculate the risks of each department/process in your Credit Union and takes into account management and audit’s perspective on the level of risk each process should have. When combined with the rest of The Audit Library’s “Audit Risk Suite,” we streamline and help take the pain out of the Risk Assessment process.
1. Audit Plan Template with Timesheet
In this spreadsheet, we provide you with the tools to budget and track audit hours, and create productivity and realization metrics. It is an invaluable way for audit departments to set goals, track progress, and report results. We have included an extensive audit universe and considered all the many ways auditors use their time. Additionally, you may customize this extensive spreadsheet to best fit your business needs. Because our subscribers have departments of varying sizes, we have a version for departments with a staff of one auditor, two auditors, three auditors, four auditors, and five auditors.
I hope that one or many of our documents and templates made your personal “Best of” list for 2019! Our goal is to help our subscribers do their jobs more efficiently and effectively. Please let us know if we can add any documents to the Library in 2020 that can help you!
Now that you’ve read my take, tell us about your own “Best of” list! Which of these documents or templates makes your Best of 2019 list for The Audit Library? Leave a comment and tell us about it!