What is the primary role of an internal auditor in a credit union?

The primary role of an internal auditor in a credit union is to provide an independent assessment of the credit union's risk management, control, and governance processes. This function is critical as it ensures that the internal controls are effective and that the organization is managing its risks appropriately. Internal auditors evaluate the procedures and practices of the credit union, identifying areas where improvements can be made. This assessment contributes to the organization's overall accountability and enhances the efficiency of its operations.

Unlike the roles associated with marketing strategies, staff training, or member relationship programs, which focus on operational aspects of the credit union, the internal auditor's focus is on ensuring compliance, identifying risks, and advising management and the board on areas that may need attention for effective governance and oversight. This independent evaluation helps protect the interests of members and ensures the credit union adheres to regulatory expectations.