A supervisory committee is appointed by a board of directors to act as a watchdog over the credit union operation to ensure records are maintained properly, honestly and accurately. Their duties generally include the completion of an annual audit, which is usually performed by an external auditing service. From this information, the supervisory committee can assess the operation of the credit union and make recommendations to the board on changes or actions that are needed.
One of their main functions is to look under the rug to detect internal fraud, and this article will focus on fraud detection techniques and what responsibilities exist for a supervisory committee in detecting fraud.
How is Fraud Discovered?
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