BSA reviews are required to be completed on an annual basis. There is no requirement that the review be completed by an audit firm or other third party. It is recommneded thay you assign the project to someone within the credit union who is reasonably independent from the process to SAVE MONEY. For example, the audit/review should not be done by a branch manager because she would be auditing herself. The NCUA and FDIC (Gasp!) both have a nice checklist that most examiners consider to be quite thorough.
Examiners look for assurances that the internal control process is reasonable so be sure training is a major component of your BSA program.
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