Credit Union Internal Audit

Key features of our service

Credit Union Internal Audit is a key focus of the PRA during regulatory visits. With the increasing regulatory focus coupled with the growing complexity of Credit Union operations and difficulty in hiring training supervisory committee members many Credit Unions are using a trained Credit Union Internal Auditor like ourselves to carry out their Credit Union Internal Audit. Credit Union Internal Audit is an important resource for the Credit Union in not only identifying non-compliance or control weaknesses but it helping the Credit Union’s efficiency. We have set out below some of the key features of our Credit Union Internal Audit service:

25 years experience

We have worked with a wide range of Credit Unions over the last 25 years

Working with largest Credit Unions

We work with over half of the top 20 Credit Unions in Britain. Our clients range from 500 – 35,000 members.

Advice

We devote significant resources to ensure we are up to date with the latest Credit Union developments. This means we can provide you with advice and support you need.

Compliance

Our work programmes are compliant with the guidance paper Effective Internal Audit in the Financial Services Sector issued by the Institute of Internal Auditors.

Credit Union Internal Audit Frequently Asked Questions

External audit is focusing on whether the numbers in the year end accounts. Internal audit is considering your controls throughout the year including non-financial controls.

Yes. Not only is it a regulatory requirement there are also benefits to the Credit Union. While both look at compliance the internal auditor focus will be on controls thoughout the organisation. A strong internal audit function will help support your compliance officer. Compliance will be part of your second line of defence in a three line of defence model while internal audit is your third line.

Yes the regulator requires a Credit Union to have an internal audit function whether that is carried out by the Supervisory Committee or a Credit Union Internal Auditor. However, internal audit should be more than just a regulatory requirement and should add value to the Credit Union. It should help give the Board the assurance they require that the Credit Union's controls are operating effectively.

Yes the regulator requires a Credit Union to have an internal audit function whether that is carried out by the Supervisory Committee or a Credit Union Internal Auditor. It also is key to helping give the Board the assurance they require that the Credit Union's controls are operating effectively.

Yes for many of the Credit Unions we work with they use both a Supervisory Committee and an Internal Auditor to carry out their internal audit work. The Internal Auditor can provide specialist analysis of key areas while the Supervisory Committee can carry out their reviews in between providing a cost effective system for the Credit Union.

Steven Cunningham

Partner

steven.cunningham@alexandersloan.co.uk

"We are very satisfied with the level of work produced by them, their knowledge of the Credit union sector and their willingness to go that little bit more for us when required. They are very approachable when we need assistance / information out-with the remit of their scheduled work. On behalf of 1st Class Credit union I would have no hesitation whatsoever on recommending Alexander Sloan"
1st Class CU
Andy Wright
CEO

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