The Credit Union & Co-operation with Overseas Regulators Act 2012 (CUCORA) requires credit unions to develop an internal audit function to provide for the independent oversight of the governance of credit unions.
The internal audit function should be designed to provide an independent review and assessment of the governance, risk management and operational processes used by the credit union and provide recommendations to improve the control environment.
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 more information on how we can implement a cost effective internal audit programme for your credit union, please email us at email@example.com
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