IMPROVING INTERNAL CONTROLS
Internal Control Procedures Manual
A general weakness within most Credit Unions would be the absence of a detailed Internal Control Procedures Manual. We do accept that the major written Policies & Procedures are place, such as Credit Control, Loans, Cash, etc. But the majority of Credit Unions in Ireland do not have a complete Internal Control Procedures Manual for reference purposes, and the Credit Unions that do have such a Manual need to update this document urgently.
WDA have the relevant experience and skillset to complete this task on behalf of the Credit Union, to ensure full compliance with best practice and relevant legislation. This can either be a once off engagement or an outsourced ongoing process.
Every aspect of the operation within the Credit Union is considered and documented. Any weaknesses are identified and discussed with the Directors and amended procedures are put in place.
Initially we produce a detailed flowchart of all departments, staff, duties, functions and documentation for the entire operation of the Credit Union. This is than assessed and recommendations are made on the back of weaknesses identified. A revised flowchart is then produced and works programme / timetable agreed for the implementation of requisite changes.
We produce a comprehensive tender document for the Boards consideration, which sets-out a full schedule of tasks that must be completed within the engagement. This will ensure there is absolutely no ambiguity to the scope of the engagement.
All professional fees are agreed between WDA and the Credit Union prior to the commencement of the engagement at a mutually agreeable level, so there is no hidden surprises or overruns.
Should you require additional information or a consultation please call us on 01 6771411 or email firstname.lastname@example.org