Through boom and bust, BK has continued to help keep us profitable and they are a great source of positive encouragement. Nothing is too much trouble. I would recommend BK without hesitation to anyone in business or thinking of starting a business – BK is a firm of accountants who are professional, knowledgeable, experienced and who will go the extra mile.
Loan Book Reviews
Initially performed to meet regulatory requirements at the behest of the Central Bank, Loan Book Reviews are now being carried out by credit unions who realise the benefits gained from a thorough independent examination to evaluate the health of their biggest asset – their loan book.
Our review involves an assessment as to whether the assets of the credit union are impaired, meaning that they are likely to realise less than their book value (the amount at which they are carried at in the accounts).
We assess the three primary constituents of the assets of all credit unions;
- fixed assets,
- investments, and
- the loan book
We report on the quality of these assets and whether we expect them to ultimately realise their carrying amount or book value. Each constituent part requires a unique assessment approach, and our methodologies for each enable the review to be carried out efficiently and effectively.
In addition to quantifying the extent of any impairment that may arise, our review identifies and communicates opportunities for improvement in areas such as lending, credit control and asset management.
We can also assist credit unions in adopting a structured approach to performing their own internal asset reviews, designing a methodology that ensures that all potential risks of impairment are considered without requiring the commitment of significant staff resources.
The provision of an independent external professional review by Buckley Kiely will ensure that there are no hidden surprises to the Board, the Members and the Financial Regulator.