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Chapter 4 - Examiners Guide

Chapter 4 internal CONTROLS TABLE OF CONTENTS internal CONTROLS .. 4-1 Examination Objectives .. 4-1 Associated Risks .. 4-1 Overview .. 4. 1 Safety and Soundness .. Accurate Financial Statements .. Other Laws and Regulations .. internal control Components .. control Environment .. Risk Assessment .. 4-5 control Activities .. control Systems .. 4-7 Self-Assessment or Monitoring .. internal control Evaluation .. Strategic Risk .. 4-8 Transaction Risk .. Compliance Risk .. 4. 10 Reputation Risk .. 4. 10 Workpapers and References .. 4-12 APPENDIX 4A . Conflicting Management Positions ..41 A. APPENDIX 4B . Information System (IS) Reports.

Internal controls are checks and balances built into policies and procedures. The FCU Act requires several internal controls, while others develop out of daily experience. Internal controls for credit unions prescribed by law, regulation, or sound business practices include providing a statement of account to

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