Credit Unions Frequently, the definition of an audit is used loosely when talking with credit unions about an auditing engagement. Credit Union executives and supervisory committee members may ask for a quote for audit services, but they typically have a different expectation of what an audit may entail versus what CPA’s usually consider an audit to be. First of all, unless a credit union’s assets exceed $500 million, the use of a CPA is voluntary. So, when we talk with credit unions, we explain the different engagements we can perform that would meet their expectation of an “audit”. Typically, most credit unions are looking for either an opinion audit or an agreed-upon procedure engagement. Under National Credit Union Association (NCUA) rules, Part 715, a CPA can perfrom the following engagements in assisting supervisory committees:      Financial statement audit (opinion audit)      Balance sheet audit      Report on Examination of Internal Control over Call Reporting      Audit per supervisory committee guide (agreed-upon-procedures        engagement)