External Audits for Credit Unions

We are committed to providing credit unions with a complete audit service that delivers honest, evidenced assurance. At PGM we strive to provide a transparent service. Our team works closely with every client through all stages of the audit process, from planning through to reporting, in order to ensure there are no nasty surprises.

Benefits OF PGM AUDITS

Although external audits are required by law, there are a number of benefits that can be yielded from receiving an external audit from PGM.

Easy Access

Easy access to sources of finance – such as bank loans

Assurance

Additional assurance to potential investors or buyers of your company

Accuracy

Provide assurance that your financial statements are accurately stated

Confidence

Benefit from more informed decision making

Management

Receive detailed management letters outlining internal weaknesses and recommendations for improvement

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One month audit plan

July/August
Interim Testing

In order to facilitate the timely completion of the external audit, we will perform an interim review which will include performing our initial risk assessment and completing a number of our control tests.
Early October
Assistance in preparation of the financial statements

If required we can provide assistance in preparing the draft financial statements and assist with any accounting issues, including, but not limited to, posting accruals and prepayments, posting depreciation and ensuring the accounts are presented in an appropriate template.
Late October/November
Final Audit testing

We come on-site to complete our year-end audit to ensure compliance with all regulatory bodies is being maintained and that the figures in the accounts are materially correct.
November/December
Presentation to the AGM

We prepare and present our findings at the AGM through our audit opinion. We would also provide the Board with our management letter.
Late October/November
Annual return

We assist in the preparation of the annual return which is due for submission by 31st March each year.

PGM External Audit Process

We have developed our bespoke external audit service to deliver honest, evidenced assurance at every stage of the process.

Our approach is divided into three key areas to provide transparency from planning through to reporting.

Risk-Based Internal Audit

Key Controls Testing

Analytical Reviews

Our Audit Response System enables us to focus on the processes and requirements most relevant to your credit union.

We have always received an excellent service from PGM Chartered Accountants.

The timing and quality of the audit work has more than met our expectations; our external audit is communicated in a professional and timely manner.

SAG Credit Union

We are delighted with the audit service provided by PGM Chartered Accountants.

The accounts staff assist us with our quarterly returns and the audit staff carry out their audit work in a friendly and efficient manner causing minimum disruption during their audit. We also greatly appreciate the assistance and advice PGM has given in relation to our policies and internal controls which has been most useful.

ABC Credit Union

Clonard Credit Union Limited is delighted with the high level of service we receive from PGM since we outsourced our Internal Audit Function to them.

We can honestly say it was one of the best decisions we have made.

We now have a documented reporting structure, together with an annual work plan and the confidence it is being carried out by trained professionals.

Ruth Clarke, CEO
Clonard Credit Union

Free Consultation

Want to find out more about how PGM’s services can help you? Come and see us for a free 45-minute consultation with one of our qualified chartered accountants. We’ll get to know you, or your business, and explore how our services will be beneficial in providing the financial solutions that you need.

028 9066 3111 Get in touch