In the old days, Supervisory Committees reviewed loan files, performed cash counts and confirmed closed accounts. Oh boy, have times changed. The modern Supervisory Committee must understand the myriad risks facing the credit union and understand if proper controls are in place. The modern Supervisory Committee must know how to interact with the outside audit firm on a professional basis and glean everything it can from this key ally in the audit process. The modern Supervisory Committee must learn how to guide, supervise and evaluate both the internal audit department and the external auditors. The role of the Committee has changed dramatically. If the Committee really wants to do its job well and be a true, professional partner in the protection of the credit union, it must understand its role in the Changing Credit Union Environment.