News May 2016 Revised guidance for Irish Credit Union audits published

Revised guidance for Irish Credit Union audits published

13 May 2016
PN 25/16

Credit Union auditors in Ireland will have enhanced support for their audits of accounts for the year ending on 30 September 2016, with revised guidance that has been issued by the Financial Reporting Council (FRC).


The revised Practice Note has been developed in conjunction with Chartered Accountants Ireland, to provide updated guidance on the legal and regulatory context applicable to Credit Unions in Ireland, as well as updated contextual material derived from Auditing Standards (UK and Ireland).

The revised guidance provides material setting out the rights and duties of auditors operating in this sector, and sets out the legal framework for Credit Unions which is set and overseen by the Central Bank of Ireland.

Melanie McLaren, FRC’s Executive Director for Audit, said:

“The aim of this revised guidance is to support the delivery of high quality audit.

 “Credit Unions play an important role for their members, therefore it is vital the audit is robust and takes proper account of the up-to-date legal and regulatory framework.”

Notes to editors:
  1. The FRC is responsible for promoting high quality corporate governance and reporting to foster investment.  We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work.  We represent UK interests in international standard-setting.  We also monitor and take action to promote the quality of corporate reporting and auditing.  We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.