Audit Best Practices

Two Uncommon Regulatory Exam Tips for an Extra Smooth Audit

The internet is full of various audit and regulatory examination tips. Heck, we’ve written more than a few blogs about them ourselves. The thing is, so many of the exam tips floating around out there are truly commonsense items. Once you’ve been...

How Much Does a Credit Union Audit Cost?

Credit unions must perform several audits every year. Unfortunately, audits can be a major drain on your resources. So, how much does a credit union audit cost? There’s a simple answer and a complex answer. Just for the sake of time, let’s...

Two Methods to Avoid Common Risks in Your Credit Union Audit Process

In last week’s blog, we looked at three common credit union audit risks. In this week’s blog, we’d like to offer two ways to mitigate those risks. In case you don’t want to read the whole blog from last week, we’ll give you the highlights....

Uh Oh! Look Out for These Three Credit Union Audit Risks!

Having a sound audit process isn’t easy. Fortunately—or perhaps, unfortunately—most credit unions are well acquainted with audits. Consequently, they tend to be quite good at the whole thing. Nevertheless, there are some areas...

How to Prepare for an Audit: 11 Audit Efficiency Tips for Credit Unions

For some credit unions, audits are an occasional nuisance. For others, they’re seemingly constant, all-hands-on-deck affairs. Regardless of whether your credit union’s audit cycle is frequent and consuming or sporadic and...

Two Important Factors That Impact the Value of Audit Software for Credit Unions

Audit software for credit unions can provide significant value throughout the entire course of each audit. Each automated task contributes value. The same goes for stored communication, archived audit materials, automatically-generated audit trails,...

Calculating the ROI for Credit Union Audit Software

So, one thing I’ve learned is that when you explain a joke, it generally stops being funny. But this is about credit union audit software, what it costs, and what it provides for that cost. So please, bear with me.

Audit Team Member Responsibilities in Other Credit Union Business Areas

Credit union audit teams are built of experienced, dedicated professionals. They have expert knowledge in their field, and they’re well-equipped to answer any number of pertinent questions related thereto. But not all audit teams...

How Automation in Auditing Improves Accountability

Many factors impact your audit process and, consequently, your audit results. Still, the responsibility of ensuring great deliverables lies with your audit team. There are two characteristics shared among sound, experienced audit...

Worried About Credit Union Exams? Try These Two Resources!

There’s a lot to worry about when preparing for credit union exams. Usually, they go smoothly. Often, exams just confirm what you and your credit union already knew: that you’re on the right path. But the stress is real.

Why Consistency Is Key for Your Credit Union Auditors

Depending on who your auditors are—or what type of audit they’re conducting—your auditors could be looking for any number of things. One thing they’re always looking for? Consistency.

What Is an Effective Credit Union Audit Process?

One of the things we talk about a lot in this blog, whether explicitly or not, is the credit union audit process. In fact, improving the audit process is what we’re all about. But what does it mean to have an effective audit...

How to Improve an Already-Sound Credit Union Audit Program

Audits must be performed frequently to ensure proper operational practices and compliance. Most upper-level credit union employees are familiar with audits. After all, upper-level employees are the experts, and leveraging experts is a critical...

Two Simple Areas Where Audit Software Helps Your Credit Union

Audit software for credit unions can help your team drastically simplify your audit process. In fact, the increase in efficiency from using audit management tools usually translates to a 10–25% decrease in time to completion.So, how does...

How Credit Union Audit Management Software Saves Time and Increases Efficiency

In the last few weeks, we’ve written a bit about some of the benefits of credit union audit management software. One of the primary takeaways is that credit union audit software saves time...

Where to Reinvest Time Saved from Using Credit Union Audit Software

Recently, we wrote about how credit unions can save time in completing their audits by using audit software to manage their process. It’s true—credit union...

Time-Saving Strategies for Credit Union Audits

Credit union audits are time-consuming. From the first letter, to mobilizing your team, to addressing items, to coordinating and delivering documents, quite a few work-hours go toward successful completion of NCUA audits. So, what...

Audit Checklist for Credit Unions

Okay, we get it. Audits aren’t easy, and there’s no secret hack to make them less difficult. However, a little preparation never hurt. In fact, even an ounce of preparation could end up worth about a pound of cure. (We’re not sure...

Do Credit Unions Need External Audit Tools?

Many credit unions get by just fine without any specialized audit software. Many get along okay, but there’s a little more panic and close calls involved. When are external audit tools and compliance software necessary?

What Have Credit Unions Said About Efficacy?

At this point, we’ve worked with a lot of credit unions. As such, we’ve received a lot of feedback about what it’s like to use Redboard. A couple major points about Redboard’s reported efficacy have stuck out to us.