GPSCCU Annual Report 2013
During the period under review, the following tasks were planned:
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Financial statement review and sign off
Review of books and documents of the credit union
Review of loan Files
Cash audit
Review of board minutes
Review of the accounts of committee members, management and staff
Review of complaints received from members
Member confirmations
Financial Statement review and sign off
This task required the committee to ensure that the information presented in the Financial Statements correctly reflected the
transactions that took place during the period under review. The Committee was of the view that the statements were correct to
the best of its knowledge.
Review of Books and Documents of the Society
This area covered a wide cross section of activities including:
• Investments
• Securities
• Loans
• Review of Cash/ Bank accounts
Investments
The Supervisory and Compliance Committee carried out its review to ascertain whether the processing of Investments were in
accordance with the Investment Policy and Procedures of the Credit Union. The review fulfilled two important objectives:
• Confirmation that the amount of the investment stated in the Financial Statement was correct.-All investments
undertaken during the year was reflected.
• Confirmation that processes outlined by the policy were adhered to. (Proper documentation, signage, correct rate
applied, requisite approval analyses, etc.)
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Generally, the Committee was satisfied that the investments were supported with relevant documentation and that the amounts
quoted on investments were correct. However, the Committee noted that greater compliance to the Investment Policy is needed
in the following areas:
• Board approval of Investments recommended by the Investment Committee.
• Preparation of reports in accordance with the policy
• Asset allocation requirements.
Securities
The Committee in accordance with By- Law 74 (2f), assessed whether the assets of the Credit Union were properly protected, in
which case it is meant, that, the assets were insured against loss or damage. The SCC was satisfied that the assets were insured
and the coverage was up-to-date. The categories examined were Fire and allied perils (Building & Contents), Burglary, Employer’s
Liability, Public Liability, Money (cash in transit), Motor Vehicle and Computers All Risks.