The Credit Union and Co-Operation with Overseas Regulators Act 2012 now requires an Internal Audit function as part of the controls to protect the assets of a Credit Union.

The separation of the non-executive and executive roles requires an independent assessment of the day to day running of the organisation.

This function must be independent and reports directly to the Board of Directors.

Three options have been identified

1. The provision of an in-house audit function within the Credit Union
2. Shared service between several Credit Unions
3. Outsourced function

SERVICE PROVIDED

DGIAR have been set up in order to provide either the third option – an independent outsourced function, or to provide assistance and training for Credit Unions to set up an internal function.

We can assist in the initial Risk Assessment and compiling a Risk Assessment register and advice on mitigating these risks.

We can provide an Internal Audit function based on a scheduled assessment of the internal controls of the Credit Union spread over the year which will assess the following areas:

We can assist in the setting up of the in-house Internal Audit function and provide training and assistance as required.

WHO WE ARE?

We are an independent company set up to provide Internal Audit and Risk assessment services to Credit Unions and have many years’ experience in Credit Unions, Banking and audit services.

COSTS

We provide a cost effective service based on the time accrued which will vary depending on the size of the Credit Union and the range of services requested.

Our Letter of Engagement will detail the services agreed and the amount and method of remuneration.

We would be delighted to meet with you and or your Board to discuss this proposal further.