Supervisory Committee Duties and Responsibilities. Ashley M. Mobley C.U.C.E, B.S.A.C.S., A.A.P. Assistant Vice President Credit Union Auditing & Compliance Experts. Overview. Organization of a Credit Union. Basic Organization Structure.
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Ashley M. Mobley
C.U.C.E, B.S.A.C.S., A.A.P.
Assistant Vice President
Credit Union Auditing & Compliance Experts
Basic Organization Structure
1. Internal controls are established and effectively maintained in order to achieve the Credit Union’s financial reporting objectives which must be sufficient to satisfy the requirements of the Supervisory Committee audit, verification of members’ accounts, and its additional responsibilities.
2. The Credit Union’s accounting records and financial reports are promptly prepared and accurately reflect operations and results.
3. The relevant plans, policies, and control procedures established by the Board of Directors are properly administered.
4. Policies and control procedures are sufficient to safeguard against error, conflict of interest, self-dealing, and fraud.
Annual Supervisory Committee audit
Quarterly, or interim, audits
ACH (Automated Clearing House) Audits
OFAC (Office of Foreign Asset Control) scrubs
BSA (Bank Secrecy Act) Audits
IS & T (Information Systems & Technology) Audits
Internal Control Reviews
Some of the more commonly completed interim procedures include the following: