Under the Credit Union Act 1997, the function of the Supervisory Committee is to oversee the operation of the Credit Union on your behalf, and work independently of the Board of Directors.
Due to the continued expansion and growth of our credit union and the onerous responsibilities placed on the voluntary members of our committee, we employ independent external auditors Ė Liam McGrath & Co, to undertake some of the supervisory duties. These duties are far more detailed as the business of the credit union has become more complex. These external auditors report directly back to the Supervisory Committee.
The layers of inspection/audit of the credit union are now far more intense, with PricewaterhouseCoopers being the credit unionís auditors, the Supervisory Committee employing Liam McGrath & Co to undertake some of our duties, Field Officer visits from the Irish League of Credit Unions and IFSRA (Irish Financial Services Regulatory Authority), who can visit at any time.
The Supervisory Committee met with the Board during the year to review their performance and attended monthly Board meetings. We sent out, on a random sample basis, letters to members to independently verify their balances. We appreciate your response but would appeal to members to respond to this request as it is a most important verification process.
We are pleased to confirm that all books of accounts are well maintained and are satisfied that the annual accounts have been independently audited and certified by PricewaterhouseCoopers.
We would like to thank the CEO Ray McCarthy and his staff and our Board of Directors for all their help and assistance during the year. Finally, we take this opportunity of wishing all our members a very happy Christmas and prosperous New Year.
Mattie Talbot, Maura Coughlan, Tony Mason.