Audit Committee Opening Available

Royal Credit Union is looking for a Royal Credit Union Member to join our Board’s Audit Committee. Interested Members are invited to complete the initial application form below by July 14.

About The Audit Committee

On behalf of the Members of Royal Credit Union and the Board of Directors, the Audit Committee is responsible for overseeing the auditing and testing of several different areas of Royal. The committee is also a key part of our culture of transparency, honesty, and trust. The committee handles the integrity of financial statements, the system of internal control, the internal and external audit processes, compliance with applicable laws and regulations, and the code of conduct and ethics at Royal Credit Union.

The Audit Committee consists of no more than five members who are appointed by the Board of Directors. No more than two committee members are selected from Royal Credit Union’s Board of Directors. The other committee members are selected from the general membership of the credit union.

Royal Credit Union’s Board of Directors appoints committee members to one-year terms with an unlimited number of terms as long as performance expectations continue to be met. Terms run April-March annually. The committee currently has meetings eight times a year and may convene additional meetings as circumstances require. Committee members are allowed one meeting absence per term year.

Qualifications

Candidates for Royal Credit Union’s Audit Committee must meet the following qualifications to be considered:

1. A primary member (first named owner of a Royal Credit Union account)
2. At least 18 years old
3. Independent:
   • Current team members of Royal Credit Union may not serve on the Audit Committee
   • Past team members of Royal may serve on the Audit Committee after a period of 24 months following the end of employment with Royal
   • Audit Committee members may not simultaneously serve at another financial institution in any capacity such as employee, committee member, or Board Member
4. Bondable with Royal’s insurance bond
5. Financially literate
6. Willing to become a Certified Credit Union Supervisory Committee Member through America’s Credit Unions (f/k/a Credit Union National Association) by the end of their third term and complete recertification requirements
7. Committed to attending audit related training including, but not limited to, national or local educational seminars or conferences as approved by the committee Chairperson
8. Accountable to abide by Royal Credit Union’s Code of Ethics and the Oath of Office

Candidates must display the following attributes:

1. Understanding of business acumen or experience
2. Integrity of character
3. Sense of responsibility
4. Professional competence
5. Inquisitiveness

In addition, candidates must:

1. Read, understand and agree to the responsibilities outlined within Royal Credit Union’s Audit Committee Charter
2. Read and agree to meet the requirements outlined within the Terms of Agreement for Royal’s Audit Committee
3. Keep all information confidential
4. Disclose potential conflicts of interest and update the list annually
5. Have a good credit rating and good personal financial management 
6. Agree to a personal background check to confirm credit rating and financial management
7. Prepare for and attend meetings in person or via video conferencing
   • All committee members must attend at least one meeting a year in person at our Corporate Center in Eau Claire, WI

Learn more about who is currently serving on our Audit Committee