The Supervisory Committee
Providing the internal audit function for the credit union, the Supervisory Committee ensure that the organisation is being run in the best interests of its members. The Committee will attend regular meetings of the Board as well as those of its own members, and be responsible for operating a rolling programme of auditing.
- Monitor all activities of the credit union to ensure that it is being managed effectively and efficiently, that financial records are accurate and up to date, and that the possibilities for fraud and theft are reduced
- Draw up an internal audit plan for the following 12 months to ensure all of the activities in the Supervisory Committee Checklist are carried out efficiently, avoiding obvious patterns of checking
- Report to the Board on a monthly basis with a summary of work undertaken, conclusions reached and recommendations for improvements as necessary
- Report to the Members at the Annual General meeting
- Report on the attendance of Officers at Board and Committee meetings to the Annual General Meeting
- Ensure that the Books of Account are audited on an annual basis by a qualified auditor.
On a monthly basis, approximately twelve hours a month, shared between at least three members.
Any new Committee members are required to have an appropriate background e.g. financial expertise, general management to further complement the current members of the Supervisory Committee. Candidates are required to undergo a reference checking & branch endorsement process, prior to being endorsed by the NEC. This is to ensure that volunteers are supporters of PCS Trade Union as our main sponsor, as well as PCS Credit Union, as the credit union is a key member benefit.
In addition the legally required FSA Approved Person status must be obtained. This entails background checks to ensure the individual’s suitability for this responsible and important role. Furthermore applicants will be required to sign a confidentiality agreement to ensure member information is treated appropriately.
The above process mirrors that followed for the current Board and Supervisory Committee members. Further information including an application form is available to download below, from the Related documents box on this page or from the Credit Union Team.