Internal Audit

B&A has extensive experience working with credit unions on internal and external audit engagements. B&A provides an experienced audit team as an extension of your Credit Union internal audit function or committee to achieve the possible value for money and equally to build and monitor robust reporting obligations.

We have a deep understanding of the issues and risks facing credit unions today, both at an operational and financial level. B&A’s expertise allows for a greater understanding of the factors that affect the key financial reporting objectives of valuation, existence and completeness in the financial services environment. Burke & Associates have been heavily involved in the Credit Union Sector in Ireland for over 18 years, and unlike many firms or individuals we are not finding our feet, or using Credit Union envoirments to break in staff at the Credit Unions expense.

Our extensive list of credit union clients also means that we are highly experienced in advising on the requirements of the prudential guidelines and ensuring you comply with the reporting requirements under these guidelines and Central Bank advices. Our size and industry experience ensures that we have the ability and most importantly the know how to assist clients with what ever dilema they encounter.

Computer Assisted Audit Techniques – CAPS

We strive to always look for better ways of doing things, to improve the audit process and to minimise audit costs. Burke & Associates has developed its inhouse suite of programs known as CAPS (Computer Assisted Audit Techniques) that ensures we deliver some of the best assisted audit tools available.

CAPS is an important audit tool that assists in verifying data and aiding the selection of transactions for audit review. We are able to utilise CAPS for the vast majority of credit unions, which provides us with a distinct advantage over our competitors. The CAPS audit software is fully integrated in the B&A audit approach and is designed to maintain audit effectiveness and efficiency. Audit test programs and risk management system questionnaires have been designed to maximise the value of CAPS as an audit tool. It assists in identifying non compliance with internal controls in risk management systems and errors in ledger account balances.

Internal Audit Functions- establish a function or a committee

The audit strategy we use includes the development of specific audit programs relevant to your credit unions services and size. We plan and carry out our audit steps to evaluate your information systems, controls, and accounting records. We then evaluate the overall results of our audit procedures and issue our report to the audit committee. Due to the vast governance requirements being legislated upon Credit Unions it may be prudent on their behalf to enlist the help of professionals to enable themselves to delegate governance tasks and responsibilities, while retaining overall accountability.


  • The audit committee will be required to develop its plan the purpose of which will be to assist the board of directors in overseeing the effective governance of the credit union. As part of the governance process the audit committee is responsible for ensuring the credit union is operating within its policies and procedures. 
    • The prime concern of the audit committee will be the safeguarding of the credit union’s assets, ensuring the timeliness, accuracy and reliability accounting data, maintaining adherence to the lending and investment policies and procedures. 
    • The audit committee will be responsible for reviewing correspondence from regulators, and ensuring management has adequately met the standards or guidance from the bank. 
    • When selecting a new internal auditor for your credit union you are entering into a new relationship, one that will last for several years. Building a successful relationship is important to you and your credit union.



  • Provide you with timely reports regarding your credit union’s compliance with its policies and procedures.
  • Work with you to ensure that the internal audit plan addresses the important needs of your credit union. Our firm’s experience in both external audits and special assignments in preparing reports for the Central Bank makes our internal audit approach unique when compared to usual internal auditors.
  • With the help of the audit committee we will determine together the best internal audit plan on an annual basis, with the flexibility to change the annual plan if a governance issue arises.
  • Typical internal audit plans do not address significant areas of risk or get updated as the credit union’s needs change. Our approach creates a flexible plan that grows and moves with your credit union.
  • Maintain staff continuity at all levels of the engagement as much as possible.
  • Be responsive to your questions and any need for on-going support.

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