Development Best Practices in Credit Union Supervision: Supervisory Committee Duties and Responsibilities

How does the WOCCU supervise its credit unions?
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This document lists out the duties and responsibilities of the supervisory committee of the World Council of Credit Unions (WOCCU).It states that:

  • The supervisory committee members usually serve on a voluntary basis and report to the membership;
  • The committee normally consists of 3-5 members;
  • The committee's principal objectives are to perform, or select a qualified individual to perform annual audit, member account verification and periodic internal audits of operating areas throughout the year.

The document further lists out:

  • Prerequisites of the supervisory committee members:
    • Experienced in accounting, finance and/or accounting;
    • Experienced in performing external and internal audits;
    • Capable of reading and interpreting financial statements.
  • Duties and responsibilities of the supervisory committee:
    • Performing or selecting an external auditor to perform annual audits of financial records and books of the credit union;
    • Performing or contracting qualified individuals to perform monthly internal audits;
    • Presenting internal audit findings and annual audit reports to the board;
    • Receiving and investigating any complaint or appeal by members concerning operations of the credit union.

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