The Credit Union & Co-operation with Overseas Regulators Act 2012 requires credit unions to develop an internal audit function to provide for the independent oversight of the governance of credit unions.
Internal audit can serve several valuable functions as they appraise the soundness and adequacy of accounting, operating and administrative controls.
The success of the internal audit function depends in large on the independence maintained by internal audit personnel. Therefore internal auditors should possess;
– Independence and thoroughness;
– Adequate and effective audit programmes.
The qualifications and responsibilities of internal auditors will vary with the credit union’s size and complexity and the emphasis that the board places on the internal audit function. However, internal auditors should have the requisite sector knowledge so that the objectives of the internal audit function can be delivered.
The measurement of the auditors’ thoroughness is the quality of the work performed and the ability to communicate the results of that work.
For further information on how we can implement a cost effective internal audit programme for your credit union, please email us at email@example.com.