The Institute of Chartered Accountants in Ireland (ICAI) has welcomed the publication of Practice Note 27(I) The Audit of credit unions in the Republic of Ireland.

This PN 27(I) has been prepared by the Auditing Practices Board (APB) in conjunction with the Consultative Committee of Accountancy Bodies – Ireland.

The PN has been prepared to:

·         provide guidance to auditors on the application of International Standards on Auditing (UK and Ireland) (ISAs UK and Ireland) to the audit of the financial statements of credit unions in the Republic of Ireland. 

·         provide guidance to auditors on the various legal and regulatory requirements relating to credit unions

Commenting Ronan Nolan, Chairman of the Working Group said:

“The credit union movement has been growing in size and significance in Ireland in recent years.  Faced with the increasingly complex legal and regulatory environment that affects all financial institutions, it is timely that this guidance for auditors of credit unions has been issued.  The input of the Financial Regulator to the development of this practice note is particularly welcome.  We have seen in other areas that appropriate guidance contributes to a more successful and transparent relationship between regulator and practitioner and are particularly pleased to have been party to developing this guidance. We would see this as a useful guidance document for accountants, auditors and others concerned with the auditing and reporting in this growing sector.”