The association also publishes a quarterly magazine, holds four free webinars annually and has six regional chapters that meet at least once a year. What's more, the ACUIA sponsors an online forum through which members and vendors share and discuss ideas, information and the latest industry trends.

The ACUIA, in partnership with CUNA, is also hosting its first internal audit certification school this fall for novices and tenured professionals.

In addition to in-house credit union internal auditors, risk managers, compliance officers, and audit or supervisory committee members, independent auditors – who serve credit unions that manage a wide range of assets – are also members of the association.

"With credit unions that do not have an internal auditor, the association welcomes audit or supervisory committee members because they are performing the audit function, so they need to keep updated on information and education," Gallagher explained. "We also have compliance officers as members because historically the person responsible for the internal audit function has worn multiple hats and perhaps served as a security officer, BSA officer and in modern times even as the risk manager."

Arguably, internal audit professionals hold one of the most important jobs in the credit union.

"We are responsible for overseeing the safety and securing the credit union's assets," Gallagher said. "We also are responsible for ensuring management has established a set of internal controls and identified the risks throughout the credit unions. What we also do is test, validate and assess what internal controls management has put into place to mitigate any risk of loss and ensure compliance with regulatory standards."

In the past, the internal audit department has been perceived as the office in the building where no one wanted to go.

"In my opinion, internal audit has gotten a bad rap for being the bad guy. We're here to tell you what you are doing wrong and we are going to get you in trouble," he said. "That has been the historical view of internal audit, but it is a misnomer."

However, Gallagher said internal auditors deliver value to credit unions and their operations. For example, internal controls can improve operations, resulting in substantial cost reductions or higher levels of efficiency.

"The benefit of our job as internal auditor is that we know everything that the credit union does. We are in every area. We see every department. We know every function. We know every vendor," he explained. "That enables us to provide that outside look from an internal environment. We are part of the credit union, but we can look at it and take away any bias opinions that may come from the management side. We can also provide input and a lot of times we will kind of act as an arbitrator or mediator in the way of providing that consultative approach that delivers the value add."

Ideally, a credit union's internal fraud function is accountable only to the supervisory or audit committee. Some credit unions are set up this way because it enables the function to maintain objectivity when assessing and testing internal controls. However, at other credit unions, internal fraud departments are accountable to the CEO or another executive.

While the hottest trends in the internal audit realm are enterprise risk management and cybersecurity, the association aims to raise its awareness and influence in addressing the ongoing issues of fraud.

"Internal audit is responsible for carrying out the function to mitigate instances of fraud," he said. "I don't think that is widely understood across the industry. Statistically speaking, where fraud is occurring is in institutions that don't have an audit function, or if they have an audit function, it may not be well designed."