Interim Audit Services

All Credit Unions are aware of the pressure from the relevant regulatory bodies to meet certain reserves criteria and loan book provisions.

Usually it can come as a shock to the Board of a Credit Union at the closing audit meeting for the period ended, that a significant provision must be provided to meet either the loan book reserve or statutory reserve.

To prepare the Board and the relevant committees of the Credit Union for any additonal provisions which may be required, the credit union could instruct an interim  review of both the loan book and the current reserves requirements, usually after six months from the prior period ended. By doing this the board and committees are prepared in advance of the current period end of what provision they may require and can work on making the necessary adjustments for the following six months, in order to meet these requirements.

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