CHELMSFORD Star Co-op has appointed Mutual One to provide an independent internal audit service for the society.
Mutual One is a subsidiary of the Skipton Building Society and was established to provide internal audit facilities to other building societies, but it is now offering its services to the retail co-operative sector ? and Chelmsford Star is the first society to join up.
Mutual One will undertake the corporate audit function and will report to the society's audit committee, a departure from the previous internal audit arrangements. This change coincided with the planned retirement of the society's internal auditor.
Andrew Gold, Chief Operating Officer of Mutual One said: "Mutual One provides, on a collective basis, a template risk-based audit service in the building society sector which is now utilised by over 30 per cent of that industry."
? Full story in the new edition of Co-operative News, available now.