Internal Audits for Credit Unions

At PGM Chartered Accountants, it is our aim to work alongside your existing supervisors to provide the technical expertise and training required to ensure you meet the regulatory requirements of an internal audit function.

Benefits OF PGM AUDITS

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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How PGM can help your credit union

Credit Union Supervisory Committee

PGM Internal Audit
Service

PRA Compliance

By working with your supervisory committee, our tailored service helps to create the robust and efficient internal control environment your credit union needs to improve performance, increase transparency and deliver assurances to your members. This includes the timely identification of issues and the recommendation of suitable improvements.

FOUR Flexible Services

Quarterly Services

Ideal for small
Credit Unions

< £5m members shares

  • A bespoke internal audit plan.
  • Bi-annual visits from PGM staff.
  • Bi-annual reports.
  • Telephone and email support.
  • Year-end report.
  • Ongoing training provided to the supervisory committee.
Indicative yearly fee (plus VAT) £2,000*
*Indicative pricing, subject to scope and contract.
(excludes outlays)
Monthly Services

Ideal for small to medium-sized Credit Unions

< £10m members shares

  • A bespoke internal audit plan.
  • Quarterly visits from PGM staff.
  • Quarterly reports.
  • Telephone and email support.
  • Year-end report.
  • Ongoing training provided to the supervisory committee.
Indicative Yearly fee (plus VAT) £4,000*
*Indicative pricing, subject to scope and contract.
(excludes outlays)
Monthly Services

Perfect for larger credit unions

< £30m members shares

  • A bespoke internal audit plan.
  • Monthly visits from PGM staff.
  • Monthly reports.
  • Telephone and email support.
  • Year-end report.
  • Ongoing training provided to the supervisory committee.
Indicative Yearly fee (plus VAT) £6,500*
*Indicative pricing, subject to scope and contract.
(excludes outlays)
Monthly Services

Perfect for larger credit unions

> £30m members shares

  • A bespoke internal audit plan.
  • Extended monthly visits from PGM staff**.
  • Monthly reports.
  • Telephone and email support.
  • Year-end report.
  • Ongoing training provided to the supervisory committee.
Indicative Yearly fee (plus VAT) £9,000*
*Indicative pricing, subject to scope and contract. (excludes outlays)
**Includes more in-depth testing and increased sample sizes

PGM Internal Audit Process

We have developed our bespoke internal 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.

PGM External Audit Service - Risk Based Internal Audit - Analytic Reviews - Key controls testing

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.

Reporting

Our extensive reporting identifies areas for improvement by flagging anything we deem to be a potential risk to your credit union.

Our team follow a simple traffic light system, allowing you to prioritise areas of concern and digest information easily. Any areas issued with an amber or red rating will always include recommendations on how to reduce the risk severity.

Get in touch
PGM Reporting PGM Reporting

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

PGM Specialist Blogs

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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