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MANCHESTER CO-OPERATIVE CREDIT UNION (1977) LTD.
SUPERVISORY COMMITTEE MEMBERS
(L-R): Claudette Griffiths-Mckenzie, Michelle Douse, Ann-Juliet Rowe, Elaine Bailey, Dahlia Brown-Dawson
Missing from Photo: Barbara Chaimberlain, Claudette Gayle-Foster, Ruthan Smile-Smikle
Audit Execution Know Your Customer (KYC) – New Members’
Account
The activities piloted during the year are sum-
marized as follows: The audit of New Members Accounts was
undertaken to ascertain compliance with the
Dormant and Inactive Members’ Account Credit Unions AML – KYC policy and other
applicable procedures.
The objective of the Dormant and Inactive
Accounts audit was to verify whether transactions The audit involved the scrutiny of the member’s
on dormant and inactive accounts were authentic application, adjustments to the system and any
and done in accordance with the stipulations of relevant documents necessary to ascertain
the operations’ policy. compliance with the Credit Union KYC policy. The
audit findings revealed general compliance with
The audit involved the scrutiny of transaction the Credit Union’s AML KYC and POCA regulations.
vouchers, supporting adjustments to the system
and documented supporting records. The audit Bank Reconciliation
concluded that there was general conformance
with the applicable policies and procedures and no The objectives of these reviews were to ascertain
unauthorised transactions were observed on these the timeliness and accuracy of Bank Reconcilia-
accounts, however, a few exceptions were noted. tions completed by the Accounting Department.
Recommendations were made to management
based on the exceptions observed and were A re-performance of the Bank Reconciliations was
satisfactorily dealt with by management to completed spanning 2016 and 2017; this review
prevent re-occurrence. was undertaken by verifying documents such as
*
94 ANNUAL REPORT 2017
