Nacha Auditing Compliance: Important Dates to Know

Learn when you should complete each step of the auditing process.

Did you know that recent changes to Nacha Operating Rules require that all Third-Party service providers and Third-Party Senders must conduct an audit of compliance by December 31, 2020?

If you are unsure of the new rules, how to remain in compliance, or need guidance navigating your annual audit, EFX may be able to help by recommending an accredited auditing firm. 

It is vital that you select an auditing partner by October 31, 2020, in order to begin your auditing process with ample time to complete by December 31, 2020.  EFX has scoured the industry and vetted multiple auditing firms to aid our clients.

How to Complete the Nacha-Compliant Audit by December 31, 2020

You should work within the following guidelines in order to complete your audit before the December 30 deadline.

Select an auditing partner by October 31, 2020

After selecting a partner, you will need to work to collect appropriate documents.  Depending upon the nature of your audit, this time you need for this step will vary from a few days to a few weeks.  A good partner will advise of all documentation needed and will help you organize. If you require an in-person audit, you should schedule it at this time as well.

If you are completing a self-audit, begin your official audit process by October 31, 2020. 

This start date allows for some wiggle room should you run into any hiccups during the process.  With the holidays in November and December, it is important to factor in out-of-office dates for your auditing partner as well.  Should you be completing an in-person audit, it is best to have scheduled prior to December.  

An auditing partner should help you successfully traverse the often-times muddled and confusing auditing process while remaining compliant.  

EFX can assist you in finding an auditing partner

Let EFX simplify your annual audit by recommending an appropriate auditing firm to partner with.

EFX can help you partner with an auditing firm to meet your specific auditing needs; whether you are looking for guidance through self-auditing or an in-person complete business audit.  EFX-trusted auditing partners will help clients to strengthen their relationship with their payment processor or financial institution.