A single audit model for federal credit unions

Abstract

This thesis explains the basic operations of a Federal credit union, describes the role of internal auditing, reviews the internal audit function of cooperatives, and explores the potential benefits of a "single audit" program for credit unions. An auditing model is developed with subprograms to review fiscal administration, property management, procurement, personnel, and the operational activities of a Federal credit union. The model contains preferred practices of the National Credit Union Administration and key control points to be verified by the internal auditor. A segment of the model is utilized in a management audit of a local cooperative to test its usefulness and flexibility. Conclusions and recommendations are then provided on the case for a "single audit" model as well as testing and evaluation procedures for the model to ensure enhancement of the internal audit function in Federal credit unions.