TCUP's Compliance Services for Credit Unions

We offer the following annual review services

STANDARD APS 310 REVIEW

This review encompasses a one-day on-site review using an evaluation matrix and designed to cover the compliance issues of APS 310 and provide the Board and Management with the basis for their APS 310 declaration.  The timing of these reviews is in the August/September time frame.  It should be noted that the APS 310 declaration needs to be provided to APRA by 31 October each year.

·                WHY AN APS 310 REVIEW?
It is considered appropriate, and many Credit Unions found it beneficial, to have an independent review undertaken on which this sign-off can be based. In addition, as the Credit Union's External Auditors are required to rely on this sign-off it is considered inappropriate for External Auditor to undertake this review.

·                WHO SHOULD CONDUCT AN APS 310 REVIEW?
In accordance with the Institute of Chartered Accountants latest issued standard on Professional Independence (F.1), there is a ban on providing non-audit services where, in conducting the audit, a firm could be required to check their own work.

This Standard came into operation in 2003 and Credit Unions are encouraged to seek other alternatives in relation to APS 310 Reviews, if they are currently performed by your Auditor.

APS 310 REVIEW AND DIRECTOR PRESENTATION

This is an expansion of the previous product and is done over a two day period, the second day of which  involves a presentation of findings to the Board of Directors together with an educational session on the Risk Management and Prudential Standards, generally.  A number of Credit Unions found this expanded review and presentation to be very beneficial to the Board.

FSR/AFS POLICY COMPLIANCE

FSR/AFS  PROCEDURAL COMPLIANCE

For more information regarding these services contact Paul Ogilvy on (02) 9683 4233 or email him pogilvy@tcup.com.au