The Supervisory Committee’s primary objective is to examine and evaluate the adequacy and effectiveness of internal controls within the credit union. The committee also determines compliance with existing policies, plans, procedures, laws, and regulations, which could have a significant impact on credit union operations and reports. As a committee, we must understand the myriad risks facing the credit union and ensure proper controls are in place.
Additionally, the committee evaluates the effectiveness of management and employees through audits of credit union operations, interaction with personnel, and involvement in monthly board and other executive meetings. Annually, the committee engages the services of an independent Certified Public Accounting firm to audit the credit union’s financial statements. The committee selected, in coordination with management, the accounting firm of Moss Adams to complete the 2018 annual audit. The audit for 2018 is currently in progress but is not yet complete. Upon completion of the audit, expected in spring 2019, an opinion will be rendered regarding the 2018 financial statements.
In addition to external auditors and regulatory auditors, Deseret First has an experienced internal auditor. In keeping with the industry standard, the internal auditor reports directly to the Supervisory Committee. His annual audit plan is developed from a risk-based matrix that is developed in conjunction with the Supervisory Committee and Senior Management.
A copy of the 2017 audit report, which was issued in April 2018, is available for your review by calling the Accounting Department at 801-456-7100
. Based on the audit and our ongoing examination of credit union operations, we are of the opinion that the financial statements accurately represent the financial position of Deseret First Credit Union and its operations for 2017.
If you have questions about our role within Deseret First Credit Union, please feel free to contact me or any Supervisory Committee member.