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What is in Your
Supervisory/Audit
Committee PacketASSOCIATION OF CREDIT UNION INTERNAL AUDITORS MEETING
APRIL 28, 2017
Overview
Standards for Reporting to Audit Committees &
Senior Management
Common Agenda Items from Participants
Illustrations
The Institute of Internal Auditor
Professional Practices Framework
Standard 2020 Communication and Approval
The chief audit executive must communicate the internal audit activity’s
plans and resource requirements, including significant interim changes,
to senior management and the board for review and approval. The
chief audit executive must also communicate the impact of resource
limitations.
The Institute of Internal Auditor
Professional Practices Framework
Standard 2050 – Coordinate and Reliance
The chief audit executive should share information, coordinate
activities, and consider relying upon the work of other internal and
external assurance and consulting service providers to ensure proper
coverage and minimize duplication of efforts
The Institute of Internal Auditor
Professional Practices Framework
Standard 2060 – Reporting to Senior Management and the
Board
The chief audit executive must report periodically to senior
management and the board on the internal audit activity’s purpose,
authority, responsibility, and performance relative to its plan and on its
conformance with the Code of Ethics and the Standards. Reporting
must also include significant risk and control issues, including fraud risks,
governance issues, and other matters that require the attention of
senior management and/or the board.
The Institute of Internal Auditor
Professional Practices Framework
Standard 2060 – Reporting to Senior Management and the Board (interpretation) The chief audit executive’s reporting and communication to senior management and the board must include information about:
The audit charter
Independence of the internal audit activity
The audit plan and progress against the plan
Resource requirements
Results of audit activities
Conformance with the Code of Ethics and the Standards, and action plans to address any significant conformance issues
Management’s response to risk that, in the chief executive’s judgment, may be unacceptable to the organization
The Institute of Internal Auditor
Professional Practices Framework
Standard 2410 – Criteria for Communicating
Communications must include the engagement’s objectives and scope
as well as applicable conclusions, recommendations, and action plans.
Standard 2430 – Use of “Conducted in Conformance with the
International Standards for the Professional Practice of Internal
Auditing”
Indicating that engagements are “conducted in conformance with the
International Standards for the Professional Practice of Internal
Auditing” is appropriate only if supported by the results of the quality
assurance and improvement program.
Special Recognition of
Participants
Lori, Rivermark Community Credit Union
Marti, Wauna Credit Union
Sue, Advantis Credit Union
Jill, Washington State Employees Credit Union
Jenelle, TwinStar Credit Union
Luci, Fibre Federal Credit Union
James, Unitus Community Credit Union
Susan, Qualstar Credit Union
Teri, Peoples Community Federal Credit Union
Don, Harbor Stone Credit Union
Common Agenda Items of
Participating Credit Unions
References
Agenda/Table of Contents
Minutes from Last Meeting
Audit Plan, Audit Plan Progress
Internal & External Audit Reports and/or findings
Outstanding Audit Items
Financials
Internal Audit Charter, Audit Committee Charter
Loan & Share Documentation Statistics
Request for Proposals, Engagement letters
Training Materials
SUPERVISORY COMMITTEE MEETING – AGENDA
May 3, 2017 12:00 PM Meal and 12:30 PM Meeting
Location: Clatskanie Upstairs Conference Room Meal: Colvins Guest: XXX New Member introduction: XXX
I. Recap
• Supervisory Committee minutes approved by email reviewed and signed- March Meeting
• Board meeting reports – March: Bob M, April: Mike H
• Review and discuss March and April board packet and actions
• Review and discuss any policy changes reported in board minutes II. Information
• Internal Auditor’s Report
• Review calendar which was edited and get approval for changes
• Audit progress ▪ Clifton Larson Allen audit final reports received and presented by Dean Rohne to
Supervisory Committee members, Board of directors, and Leadership Team on April 20th.
▪ Employee required 5 days off vacation in 2016 verification report completed ▪ Astoria Branch Audit finalized ▪ Safeway Branch Audit finalized ▪ Completed audit reports of quarterly branch cash audits for first quarter of 2017
and quarters 3 and 4 of 2016 which weren’t done because of turnover. ▪ Home Mortgage Disclosure Act Audit completed. ▪ NCUA Exam findings following up report completed. ▪ Currently working on Corporate Visas and BSA/OFAC/CIP. Should be completed
by next meeting. ▪ Gathering information on employee and volunteer account monitoring and
looking at ways to use Verafin and core processor reports to monitor on an ongoing basis. Plan to implement this is the 3rd quarter of 2017.
• Attending annual ACUIA conference in San Antonio June 19-23.
• Attended ACUIA Region 1 meeting in Olympia on April 28th.
• Chairman’s Report
• Select board meeting attendees for Thurs, May 18, and Thurs, June 15, meetings.
• Annual meeting recap.
• Certification of Destruction was received from CUBallots acknowledging the destruction of last year’s election files.
• Please read and sign your Supervisory Committee Member Agreement documents. III. Unfinished Business
• None IV. New Business
• Change July meeting because of July 4th holiday? V. Education
• VAP progress VI. Adjournment
Next meeting is July 5th, 2017, in the Clatskanie board room
Summary
Standards
Common Agenda Items
Illustrations
Questions