INTERNAL AUDIT - Whelan Dowling & Associates

CREDIT UNION INTERNAL AUDIT

Credit Union Internal Audit

Stronger governance. Greater confidence. Lasting value.

Our internal audit services help Credit Unions strengthen governance, manage risk and ensure compliance, providing independent, practical and sector-specific insight.

We work with your team to add value, improve controls and support the long-term sustainability of your organisation.

Contact us

Learn more

Untitled (1500 x 600 px) (1400 x 700 px) (1)

A Partner in Your Credit Union’s Future

As Credit Unions have continued to grow and develop their Governance, Risk and Compliance systems, the risk emphasis has started to change from failing to meet compliance requirements to failing to meet strategic targets. Through our experience in the sector, WDA have developed a value-added approach to the role of Internal Audit. We are committed to re-positioning the role of internal audit from that of a ‘tick the box’ compliance function to that of a constructive and valued function within the organisation.

Why Outsource Your Internal Audit?

Tailored for Credit Unions

An Internal Audit function designed and tailored to adhere to the Credit Union Act and handbook.

Practical Reporting

A reporting framework that delivers practical and relevant information to the Management team and Board of Directors.

Experienced Auditors

Internal auditors with extensive credit union experience in Risk, Compliance, Internal Audit & Governance.

Fixed Costs

Agreed in advance with no hidden extras.

Continuity of Service

Ongoing support with no succession issues through staff rotation/cessation.

No Training Required

No training of staff required.

No Employment Issues

No employment law or HR issues.

PRISM Support

No concerns with regard to Internal Audit functions in a PRISM inspection.

Our Process

Step 1

Meet with the CU to understand their needs. Meet with the Audit Committee, CEO & Operations Manager to identify perceived areas of weakness and challenges facing the CU.

Step 2

Define Objectives: The principal objective of all work completed by WDA within the Internal Audit process will be to provide independent internal oversight to the CU and to evaluate the effectiveness of the Credit Union’s Risk Management, Internal Controls and Governance Processes, and make recommendations for improvement.

Step 3

Scope & Charter: As required under the Act and Handbook, the CU must prepare an Internal Audit Charter. WDA will assist in the preparation of this document, which will clearly define the activities of the Internal Audit Function within the CU and the scope of those activities.

Step 4

Detailed Internal Audit Plan: A detailed internal audit plan will be prepared by WDA for signature and approval by the CEO, Chairman of the Board or Audit Committee, External Auditor and Internal Auditor.

Step 5

Our Audit Programmes have been specifically designed to incorporate the Institute of Internal Auditors professional standards and the CU Handbook. Under the WDA IAF process we are always cognisant of Risk, therefore we link applicable risks within the Risk Register to applicable audit tests to ensure 100% coverage in our risk based audit approach.

Step 6

WDA discuss all the findings and recommendations for improvements with the management team of the Credit Union and seek their feedback prior to finalisation of the final internal audit report. A final audit report is issued for consideration by the Audit Committee or Board of Directors. The Reporting framework includes :

• Detail report of findings
• Ranked recommendations schedule
• Audit Plan
• Open Audit Recommendations including Board Response and Action plans

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.

Contact Us

Lets start a conversation

Whether you have a specific requirement or would simply like to discuss how WDA can support your organisation, our team would be happy to hear from you.

Get in touch today and one of our team will come back to you.

(01) 6771411
info@wda.ie

Prefer to speak with someone directly?

Call our team and we’ll make sure you’re connected with the right person.

Send us a Message

Additional Services

AML Support

Practical support to strengthen AML compliance and controls.