1. If your credit union has a Supervisory Committee Charter, is it included as part of the CU's Policy Manual (including as an appendix), or kept separately?
2. Same question for your Internal Audit Charter?
3. If your SC Charter is included as a Board Policy, does that mean it was approved by the Board in addition to your SC?
4. If your SC Charter is included as a Board Policy, is there also a separate section in the policy that addresses the SC? For example, we have a section in our Auditing and Accounting Policy that predates our SC Charter, so I added a cross-reference to the Charter in that section when the Charter was approved.
A little background: Our Director of Compliance passed on to me an update to the model Audits Policy in CU Policy Pro (a League Infosight product) due to the changes to 12 CFR 715. The model policy is far larger than our current policy, but is somewhat redundant with the Charter, so I want to avoid having the two standing in conflict. It would be nice to consolidate them into one document, but I don't know if that is allowed. Also, our Charter is not included in our Policy Manual, so it has been approved by the SC but not by the Board.
Thank you!
