MCCU Annual Report - page 16

MANCHESTER CO-OPERATIVE CREDIT UNION
ANNUAL REPORT 2013
16
6. Audit of Investments
No exceptions were uncovered in this area of audit; as investment transactions
were conducted in accordance with the established policy, relevant procedures were
observed and related accounting records were appropriately and accurately maintained.
7. Daily Security Log
The Daily Security Log was compared with the daily teller transactions to ascertain
whether there were any irregularities. No exceptions were identified.
8. Audit of Closed Accounts
The activity aimed at establishing whether the appropriate steps were taken in the
closure of the accounts and to ensure that transactions were authentic. This revealed
general compliance with the established procedures.
9. Staff and Volunteers Loans Trial Balance
Audits were done to ascertain whether loans granted to staff and volunteers were
compliant with the established Loan Policy. The accuracy of loan terms as well as
adequacy of controls over securities was examined. It must be noted that there was
general compliance with the policy.
CONCLUSION
Mr. Griffiths, on behalf of the Supervisory Committee, acknowledged the contribution of
the Board of Directors, who upon the submission of Audit Reports sought to ensure the
recommendations are implemented, the management team who was vigilant and reliable in
furnishing the relevant documents/information for the various audits; members of staff who
were accommodating and conscientious when their services were requested; the Internal
Auditor who was very instrumental in getting audits completed. Mr. Griffiths also thanked
the members for affording them the opportunity to serve in that capacity.
On a motion moved by Mr. Kingsley Andrews and seconded by Mr. Kenneth Grant, the report of
the Supervisory Committee was adopted.
Treasurer’s Report
HIGHLIGHTS OF THIS REPORT WERE READ BY
THE TREASURER, MR.ASTLEY SCOTT AS FOLLOWS:
Pro tability
Total income of $387 million was earned during the year. This was 10% above the amount
earned in 2011. It cost a total of $309 million to carry out the operations of the Organization
in 2012. This was 14% more than what was spent during the previous year.
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