Importance of internal cash and vault control in a segment five credit union
Article Sidebar
Main Article Content
Abstract
The elements of internal control ensure efficiency and effectiveness in financial intermediation operations. The research was developed in a savings and credit cooperative in the city of Ambato - Ecuador, controlled by the Superintendence of Popular and Solidarity Economy SEPS. Glimpsing some elements of internal control - COSO I. Savings and credit cooperatives receive cash deposits, deliver credit and issue payment cards. The leverage of institutional progress, forces to the multiplicity of offers and non-financial financial products, which operationally causes risks, before this, the management of the internal control assures the normative fulfillment and the reasonableness in the cash and vault reports. The objective of the work is to design an Internal Control Manual for the effectiveness of cash and vault operations. Data were collected using empirical methods and risks in cash management were found. An internal control manual was implemented, outlining policies and procedures for proper cash and vault management. It also indicates the professional profile; human talent selection process; operational and accounting cash activities. And the regulations for the custody of cash.
Downloads
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Licensing Agreement
This journal provides free access to its content through its website following the principle that making research available free of charge to the public supports a larger exchange of global knowledge.
Web content of the journal is distributed under a Attribution-NonCommercial-ShareAlike 4.0 International.
Authors may adopt other non-exclusive license agreements for the distribution of the version of the published work, provided that the initial publication in this journal is indicated. Authors are allowed and recommended to disseminate their work through the internet before and during the submission process, which can produce interesting exchanges and increase citations of the published work.
References
Chabusa, J., Delgado, S., & Mackay, C. (2019). Operational risk management in credit unions in Ecuador. Revista de Ciencias
Sociales, 25(4), 32. Retrieved from https://www.redalyc.org/journal/280/28062322010/html/
Coba, E., Díaz, J., & Tapia, E. (2020). Impact of cooperative principles in the Ecuadorian popular and solidarity financial sector. Revista de Ciencias Sociales, 26(2), 192-205. Retrieved from https://www.redalyc.org/journal/280/280634
/html/
Cutiopala, M. (2018). Design of internal control manual based on SEPS regulations, for the Cooperativa de Ahorro y Crédito "Sumac Llacta" Ltda. in the city of Riobamba, province of Chimborazo. Polytechnic School of Chimborazo, Riobamba. Retrieved from http://dspace.espoch.edu.ec/handle/123456789/8880
Cutiopala, M. (2018). DESIGN OF INTERNAL CONTROL MANUAL BASED ON . Riobamba: ESPOCH.
De la Fuente, H., & Díaz, I. (2013). Analysis of the determinants of the perceived quality of the service provided by a savings and credit cooperative. Scielo, 21(2), 232-247. doi:http://dx.doi.org/10.4067/S0718-33052013000200007
Estupiñán, R. (2011). Internal Control and Fraud (Third edition ed.). Ecoe Ediciones. Retrieved from https://www.ecoeediciones.mx/wp-content/uploads/2015/07/Control-interno-yfraudes-3ra-Edicio%CC%81n.pdf
García, M., Hurtado, K., Ponce, V., & Sánchez, J. (2021). Analysis of the internal control process in savings and credit cooperatives. Scielo, 9(1), 1. Retrieved from http://scielo.sld.cu/scielo.php?script=sci_arttext&pid=S2310-340X2021000100227
Gómez, G. (2020). Procedure manuals and their application. Retrieved from https://www.gestiopolis.com/manualesprocedimientos-uso-control-interno/
Guamán, A., & Urbina, M. (2021). Determinants of financial performance of credit unions in Ecuador. Scielo(34), 112-129. Retrieved from http://scielo.senescyt.gob.ec/scielo.php?script=sci_abstract&pid=S2477-
&lng=pt&nrm=iso
Hidalgo, C. (2018). Evaluation of the internal control in the process of warehouse management of the company AB construcciones SA. University of Piura, Piura. Retrieved from https://pirhua.udep.edu.pe/handle/11042/3806
Ipial, B. (2020). Design of accounting policies for the parish nuestra señora de las Lajas Municipality of Ipiales. Ipiales: Doctoral Dissertation.
Banking Board of Ecuador, RESOLUTION No. JB2011-1851 (JANUARY 10, 2011).
Banking Board of Ecuador (2011). Banking Board of Ecuador.
The Board of Monetary and Financial Policy and Regulation of Ecuador, No.038-2015-F (Resolution February 13, 2015).
Law of Cooperatives, Codification 000, Registro Oficial 400 of August 29, 2001 (NATIONAL CONGRESS THE COMMITTEE OF
LEGISLATION AND CODIFICATION August 29, 2001).
Law of Cooperatives of Ecuador, Codification 000, Official Gazette 400 (August 29, 2001).
Lojano, J. (2021). Design of an internal control manual for the savings and credit cooperative Puchac Runa. Escuela Superior Politécnica de Chimborazo, Riobamba. Retrieved from http://dspace.espoch.edu.ec/handle/123456789/16423
Melendez, J. (2016). Contról interno. Chimbote: Universidad Católica de los Ángeles de Chimbote. Retrieved from
Melendrez, J. (2016). Control Interno. Chimbote: Universidad Católica Los Ángeles de Chimbote.
Páramo, B. (2013). Propuesta de elaboracion de un manual de control interno basado en el modelo COCO; y evaluacion d ela gestión operativa. Universidad Politécncia Salesiana, Cuenca. Retrieved from https://dspace.ups.edu.ec/bitstream/123456789/5561/1/UPS-CT002781.pdf
Quinaluisa, N., Ponce, V., Muñoz, S., Ortega, X., & Pérez, J. (2018). Internal Control and its application tools between COCO and COCO. Scielo, 12(1), 12. Retrieved from http://scielo.sld.cu/scielo.php?script=sci_arttext&pid=S2073-60612018000100018
Solano, A. G. (2018). Improvement proposal for the control of the arches performed at the window. Universidad Tecnológica del Centro de Veracruz, Veracruz. Obtenido de http://reini.utcv.edu.mx/bitstream/12345678
/698/1/7638-Ana%20Gabriela%20Solano%20Montalvo%207638.pdf
Solís, V., & Llamuca, S. (2020). Internal control an evolving science. Dialnet, 6(3), 718-733.
Retrieved from https://dialnet.unirioja.es/servlet/articulo?codigo=7504256
Superintendency of Popular and Solidarity Economy (SEPS). (2021). Manual de control interno para las asociaciones y cooperativas no financieras de la economía popular y solidaria. Retrieved from https://www.seps.gob.ec/wpcontent/uploads/Manual-de-ControlInterno-para-Organizaciones-del-Sector-NoFinanciero_cc.pdf
Superintendencia de economía popular y solidaria (Superintendency of popular and solidarity economy) (October 14, 2018). Conversatorio virtual control interno. Retrieved from https://www.seps.gob.ec/wpcontent/uploads/Presentacion-ControlInterno-Parte-I.pdf
Tello, K., & Hungria, K. (2021). Proposal for administrative improvement and establishment of functions of the
organizational areas of the company Bolreca S.A. Universidad de Guayaquil, Guayaquil.
Retrieved from Tuquerres (2015). Proposal of an internal administrative control system for the telecommunications and vice-monitoring company Maxidistribuciones Cia, Ltda. Central University of Ecuador, Quito.
Zapata, A. (2016). PHVA quality cycle. National University of Colombia.