Let’s face it—nobody circles their calendar and looks forward to audit time. But when you prepare for your audit the right way, it doesn’t have to be a scramble or a source of stress. In fact, it can be a valuable tool to strengthen your compliance program, protect your members, and highlight where your credit union is already doing things right.
Whether you’re heading into your annual BSA audit, preparing for an internal review, or working with a third-party provider like Comply-YES!, it pays to go into your audit with a plan. In this blog, we’ll walk through how to get ready, what to expect, and the difference between risk assessments and audits—two tools that work together to support your compliance success.
Before we jump into tips for preparing, let’s quickly clarify something we’re often asked: What’s the difference between a risk assessment and an audit?
Risk Assessments are proactive. They help you identify potential risks—like gaps in your information security program or vulnerabilities in third-party vendor management—before they turn into compliance issues. Credit unions are required to conduct risk assessments regularly, especially when it comes to IT and cybersecurity. Think of them as your early warning system.
Audits, on the other hand, are more reactive. They look at how well you’re following established policies, procedures, and regulatory requirements. Audits focus on documentation, controls, and evidence that you’re meeting expectations and managing risk appropriately.
Both are essential—but they serve different purposes. Risk assessments help you spot threats. Audits help you show you’re handling them properly.
Whether you’re getting ready for a compliance audit, an IT security review, or an internal policy audit, these tips will help your credit union move through the process with confidence.
The earlier you start preparing, the smoother your audit experience will be. Begin by reviewing the scope of the audit—what’s being reviewed, which departments are involved, and what documentation will be needed.
Pro tip: Create an audit prep folder (digital or physical) where you can collect documents in advance. If you’ve worked with Comply-YES! before, you know we can provide a list of what’s typically requested—use that as your checklist.
Auditors will want to see that your policies are not only up to date but actually reflect what’s happening in practice. This includes your BSA program, cybersecurity protocols, vendor management policy, and anything else relevant to the audit scope.
Pull out your policies, make any needed updates, and verify that they align with your day-to-day processes. If your staff is doing things differently than what’s written, now’s the time to align them.
Audits are all about documentation. It’s not enough to say you’re following the rules—you have to show it. Look for items like:
Can’t find something? Don’t panic. It’s better to catch those gaps now than during the audit.
Compliance isn’t a solo act—it’s a team effort. Let department heads know what’s coming, what part they play, and what documentation they may be asked to provide.
Also, remind your front-line staff and leadership that auditors may ask questions about procedures or controls. A quick pre-audit refresher with key team members goes a long way.
If you need help getting everyone on the same page, Comply-YES! can provide customized audit prep training for your staff and directors. We make it clear, simple, and specific to your credit union’s needs.
Doing a dry run of your audit helps you identify issues before the auditors do. Whether you go through it internally or bring in a third-party like Comply-YES! for an audit review service, it’s a great way to spot documentation gaps, misaligned procedures, or policy weaknesses.
Mock audits are especially helpful if you’ve had staffing changes, updated systems, or expanded services over the past year.
Pull your last audit report and revisit any findings or recommendations. What’s been resolved? What’s still outstanding? Be ready to explain the steps your credit union has taken and provide any follow-up documentation. This shows auditors that your team is proactive and committed to ongoing improvement.
If your last audit was handled by Comply-YES!, we’re happy to help you review your past results and work with you on any action plans you’re still implementing.
Once the audit begins, communication becomes even more important. Assign a point person (often your compliance officer or internal auditor) to coordinate with auditors, gather responses, and handle follow-up questions.
Having a clear go-to person avoids confusion, keeps the process moving, and gives your team a central hub for updates.
Your audit is more than a regulatory requirement, it’s a chance to improve. Once it’s wrapped up, take time to review the findings with your team. What went well? Where can you tighten up? What do you want to focus on for next year?
Use the results to set goals for improving documentation, updating policies, or refreshing training.
Audits are a big part of credit union life, but they don’t have to be a burden. When you prepare for your audit and connect with the right support, they become an opportunity to validate your processes, highlight your strengths, and keep risk in check.
At Comply-YES!, we work alongside credit unions to make audits smoother, more manageable, and—dare we say—less stressful. Whether you need a pre-audit review, custom training, help updating your policies, or just someone to walk through it with you, our team is here to help.
Ready to make your next audit your best one yet? Connect with us – we’ve got your back.
