THE ROLE OF THE SUPERVISORY CREDIT UNION
Protecting your accounts and your funds is a primary goal of Commonwealth Credit Union. To do this, Commonwealth Credit Union has a Supervisory Committee that serves as a "watchdog" for the credit union.
The committee is appointed by the Commonwealth Credit Union Board of Directors and has a responsibility to protect the members and the employees of the credit union by ensuring that proper financial processes and internal controls are followed and that they meet or exceed generally accepted accounting principles and regulations.
They also must ensure that both the committee and the credit union adhere to the rules and regulations as required by government agencies.
The committee accomplishes its task through the hiring and supervision of the Internal Auditing Department and by hiring external auditors to perform an annual financial audit.
All audit results and their management recommendations are reviewed by the Supervisory Committee and forwarded to the Commonwealth Credit Union Board of Directors.
Both federal and state examiners also perform annual examinations and review their results with the Committee.
The Supervisory Committee functions independently from credit union management. Duties of the Internal Auditing Department include: perform audits of all different functions and departments of the credit union, review and make recommendations to policies and procedures, review compliance with policies and procedures, review credit union operations, determine compliance with various regulations, coordinate and assist with the external audit, research member complaints, assist management with special requests, and investigate fraud.
