Credit union consultation
4 Aug 08
The Auditing Practices Board has published a consultation draft of Practice Note (PN) 27, the audit of credit unions in the United Kingdom. The consultation period ends on 25 September
The draft has been prepared to provide guidance to auditors on:
• The application of ISAs (UK and Ireland) to the audit of the financial statements of credit unions in the United Kingdom; and
• The various legal and regulatory requirements relating to credit unions, both in Great Britain and in Northern Ireland.
The draft is consistent with the recently issued consultation draft of PN 27(I): The audit of credit unions in the Republic of Ireland, supplemented, as appropriate, with guidance to take account of relevant regulatory requirements in Great Britain and in Northern Ireland.
Richard Fleck, APB chairman, said: “The draft practice note provides useful guidance on the legislative and regulatory environment relating to the audit of credit unions.
“The APB is grateful to the Financial Services Authority, and the Department of Enterprise, Trade and Investment in Northern Ireland, for their support in developing this consultation draft”.