Page 95 - MCCU
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MANCHESTER CO-OPERATIVE CREDIT UNION (1977) LTD.
encashed cheques, lodgement slips, bank The audit of staff and volunteers’ loans revealed
statements, credit memos and other related general compliance with the Loans Policy and
documents. Three (3) deficiencies were observed established procedures of the Credit Union for the
and recommendations were advanced to include granting of loans. Review of the loans revealed
formulation of a documented policies and that Staff and Volunteer loans were accurately
procedures manual for the Accounting Depart- generated and adequately managed. The
ment. This process has been initiated by the exceptions were brought to the attention of
Accounting Department and, if conformed with will management, anomalies were observed and a
eliminate/mitigate future issues of a similar follow-up audit is to be initiated.
nature.
Deceased Members Account
Cash Counts, ATM Counts and Treasury
Counts The objective of the audit was to ascertain
whether proper procedures were followed in the
These counts were completed for each quarter handling of deceased member’s accounts.
within the year to satisfy the Committee that
adequate controls governing the management of This examination revealed general compliance
cash and cash equivalents were in place and to with the procedures of the Credit Union. There
ensure that cash was properly accounted for and were however a few exceptions for which
adequately safeguarded. corrective measures have been recommended
and management have since instituted measures
There were no exceptions to report as the to address same.
discrepancies observed were immaterial.
Golden Harvest
Members’ Loan
The audit of Golden Harvest was done to ascertain
The objectives of the Members’ Loans audit were whether the conditions of the Golden Harvest
to verify that the terms and interest rates on the contract and savings plan were being met, and to
loans are in accordance with the Loans’ Policy and ensure that breached accounts were properly
applications as well as to ensure compliance with closed.
the Credit Union’s general Policies and Procedures.
The review included the verification of interest
The audit of members’ loans revealed general rates paid and the examination of contracts to
compliance with the Loans Policy and established determine maturity dates. The audit revealed that
procedures of the Credit Union. Recalculation of most of the procedures were observed and the
the loan balances revealed that payments were interest rate correctly imputed. The exceptions
up-to-date and reasonably administered. The noted were brought to the attention of
majority of exceptions noted were nominal and management with recommendations. These
were satisfactorily corrected and adequate exceptions have since been addressed and
measures are being put in place by Management preventative measures put in place by
for exceptions that could not have been Management.
addressed.
End of Day Teller Listing
Staff and Volunteers’ Loan
The objectives of the audit was to ascertain
The objectives of the audit of the Staff and whether transactions were authentic and the
Volunteers’ Loans were to verify that the terms relevant documents that were generated
and interest rates on the loans are in accordance correlated to that of the system and all
to the Loans’ Policy and applications as well as to documents that would have furnished by the
ensure compliance with the Credit Union’s general member.
Policies and Procedures established for Staff and
Volunteers.
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“Where Service Exceeds Expectation”
