CCF Grant for Outsourced Internal Audit
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*Effective date: 1 Oct 2016

Objectives 

To safeguard members’ deposits, it is important for a credit co-operative to have an effective Internal Audit (“IA”) function.  Internal Auditors can help to detect irregularities early and facilitate timely corrective actions to be carried out.  They may also suggest ways to improve a credit co-operative’s internal controls.This grant serves to provide funding to the credit co-operatives  to outsource their IA function to professional   firms. 

Funding Quantum

Credit Co-op Category Based on a Credit Co-op’s latest CCF Contributions Funding Quantum Capped at
1st Tier Contributions or no contributions (i.e. those in operating deficit are eligible to apply) Up to 70% of actual IA fees $8,000 per year
2nd Tier Contributions Up to 70% of actual IA fees $15,000 per year

Pre-qualifying criteria and conditions

  1. The grant is only available to credit co-operatives; 
  2. The audit scope has to cover the management of members’ loans and/or members’ deposits;
  3. The internal auditors are from accounting/audit firms that provide IA services;
  4. The Credit Co-operative is registered with Registry of Co-operative Societies;
  5. The applicant is not receiving or has not received any other types of CCF grants for the IA expenses under the current application;
  6. The project is endorsed by the Co-operative’s Committee of Management;
  7. The project’s objectives align with the CCF Grant’s priorities;
  8. The Co-operative has submitted a minimum of 3 quotations (where applicable).

Documents to be submitted

  1. Grant Application Form signed by the Co-operative’s Chairman
  2. Letter from the Co-operative’s  Committee of Management indicating their evaluation and support of the request. 
  3. A minimum of three quotations from the vendors, where applicable, must be obtained and have been subjected to proper procedures on due diligence check to ensure best deal.
  4. To seek reimbursement of the grant,  invoice from the vendor and evidence of payment must be submitted to CCF Secretariat.    

How To Apply?

Download the application form

Applications must be supported and signed by the Co-operative’s Chairman and sent to:

CCF Secretariat
Singapore National Co-operative Federation
510 Thomson Road #12-02 SLF Building Singapore 298135

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