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:
We have worked with a wide range of Credit Unions over the last 25 years
We work with over half of the top 20 Credit Unions in Britain. Our clients range from 500 – 35,000 members.
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.
Our work programmes are compliant with the guidance paper Effective Internal Audit in the Financial Services Sector issued by the Institute of Internal Auditors.
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.
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