Internal Audit

The audit strategy we use includes the development of client specific audit programs. We plan and carry out our audit steps to evaluate your information systems, controls, and accounting records. We then evaluate the overall results of our audit procedures and issue our report to the audit committee.

UNDERSTANDING YOUR NEEDS
 

  • The audit committee is required to directly assist the board of directors in overseeing the effective governance of the credit union. As part of the governance process the audit committee is responsible for ensuring the credit union is operating within its policies and procedures. 
  • The prime concern of the audit committee is the safeguarding of the credit union’s assets, ensuring the timeliness, accuracy and reliability accounting data, maintaining adherence to the lending and investment policies and procedures. 
  • The audit committee is responsible for reviewing any correspondence from regulators, and ensuring management has adequately met the standards set forth. 
  • Due to the vast governance requirements set forth upon the audit committee it is prudent on their behalf to enlist the help of professionals to enable themselves to delegate governance tasks. 
  • When selecting a new internal auditor for your credit union you are entering into a new relationship, one that will last for several years. Building a successful relationship is important to you and your credit union.

 

MEETING YOUR NEEDS
 

  • Provide you with timely reports regarding your credit union’s compliance with its policies and procedures. 
  • Work with you to ensure that the internal audit plan addresses the important needs of your credit union. Our firm’s experience in both external audits and special assignments for the regulators makes our internal audit approach unique when compared to usual internal auditors. 
  • With the help of the audit committee we will determine together the best internal audit plan on an annual basis, with the flexibility to change the annual plan if a governance issue arises. Typical internal audit plans do not address significant areas of risk or get updated as the credit union’s needs change. Our approach creates a flexible plan that grows and moves with your credit union. 
  • Maintain staff continuity at all levels of the engagement as much as possible. 
  • Be responsive to your questions and any need for on-going support.


Contact Us to discuss how we can serve your credit union today.

Designed by: The Graphix Works
© 2017 Jones & O'Connell LLP, All Rights Reserved