Services to Credit Union SectorThe Credit Union sector throughout the island of Ireland will face many challenges in the coming years – the global financial crisis and the deepening recession have meant Credit Unions have had to adapt very quickly to the new economic landscape. As we move into a period of heightened regulation for financial institutions, Credit Unions will come under increased pressure to ensure that appropriate corporate governance is in place to enable them to make prudent lending and investment decisions. Strong corporate governance will be essential to enable the directors of Credit Unions to fulfil their fundamental duty of protecting members’ resources. The implementation of conservative lending policies and investment decisions will result in higher capital ratios, liquidity percentages and bad debt provisions. These will become the key critical measures for Credit Unions in the foreseeable future. For all Credit Unions it is vital to have a business advisor who understands the issues which face them. We act as auditors and advisors to a growing number of Credit Unions throughout the island of Ireland. Within each firm we have a team of professionals who have extensive experience in dealing with the issues facing Credit Unions. We deliver a wide range of audit and non audit services which are tailored to meet their requirements in a proactive and cost effective manner. AuditThe primary objective of an audit is to provide an independent opinion on a Credit Union’s annual financial statements. It is viewed by some as an unnecessary burden – but undertaking an audit can often lead to significant benefits for a Credit Union if approached in the right way. A Moore Stephens audit provides assurance on your business controls and, ultimately, satisfies regulatory requirements. However, it is more than just a basic compliance service. Providing an audit service and adding value are not usually viewed together. We do not subscribe to this theory. The very nature of the audit process means we gain a detailed knowledge and understanding of your Credit Union at numerous levels. As such, we are able to quickly identify risks as well as any areas for potential improvement. As all our audits are partner-led,everything we learn is fed back to the client for the benefit of their Credit Union. All our key audit team members are easily accessible to our clients. Two key values are central to our audit approach for Credit Unions:
Non AuditWe specialise in providing the Credit Union sector with a range of non-audit services which assist our clients in:
The specific services that we offer our clients would include the following:
Key Personnel
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DublinUlysses House, Foley St, |
Cork83 South Mall, |
