Internal controls can fail, whether poorly designed, intentionally circumvented, or ignored by an employee. This session will look at actual examples of internal control breakdowns within a credit union and the consequences for the credit union, employees, members, regulators, and other stakeholders.
Based on these examples, Bob and Dan will discuss the key considerations for management, staff, and auditors when designing, evaluating, and testing internal controls.
Attendees will learn:
Practical examples of internal control breakdowns
How things went wrong and the financial and operational implications
Critical considerations when designing internal controls