With effect from 1 October 2013 each Credit Union will be required to have an Internal Audit Function in place.
The role of the Internal Auditor to the Credit Union is to evaluate and recommend improvements to the Credit Union’s risk management, internal controls and governance processes, and to provide independent internal insight where relevant. Initially, an Internal Audit Charter and Internal Audit Plan will be required to be prepared by the Internal Auditor, subject to the approval of the Board of Directors of the Credit Union (or the Audit Committee if in place). The Internal Audit Plan will be based largely on the results of the initial risk assessment, in terms of focusing the work on areas of highest perceived risk. An Internal Audit visit should be carried out on a quarterly basis. The results of the Internal Audit work carried out are to be reported to the Board of Directors of the Credit Union (or the Audit Committee if in place) shortly after the relevant work is carried out. These quarterly reports will set out the work undertaken, findings and any recommendations.
In our opinion the role of Internal Auditor is an important one and one that should be used by the Credit Union to maximum benefit to facilitate the efficient and effective running of the Credit Union. Many Credit Unions are outsourcing the role of Internal Auditor to external accountants. McInerney Saunders are offering this service. If you require any assistance in this area, please don’t hesitate to contact Donagh Waters at 01 8404029 or at firstname.lastname@example.org