Article Content
Chapter 3 Audit Tracking.
| Article 30 | If a credit cooperative conceals the fact about its poor internal management, lack of internal control, inadequate implementation of its internal audit system and regulatory compliance system, or results of improvement actions taken in response to the comments of financial examiner, or its internal audit unit conceals the audit findings that results in material fraud, relevant personnel involved shall take the responsibility for negligence of duties. The credit cooperative should commend internal auditors whose discovery of major fraud or omission saves the credit cooperative from material loss.
Where the administrative unit or business unit of a credit cooperative is found to commit major omission or fraud, the internal audit unit has the right to recommend disciplinary actions and shall make full disclosure in the internal audit report personnel responsible for the major omission. |
| Article 31 | The internal audit unit of a credit cooperative should continuously follow up on the examination opinions of or deficiencies found by financial examiner, accountant, internal auditor or business unit, and recommendations enumerated in the internal control statement, and report the status of improvement actions taken to the board of directors and supervisors in writing, and include them as major items in the performance review of the administrative units and business units.
The central competent authority will set forth guidelines for evaluating the audit work of a credit cooperative. |