The Auditing Practices Board (APB) has published Practice Note (PN) 27 'The audit of credit unions in the United Kingdom'. A consultation draft was published for public comment during 2008.
PN 27 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
- provide guidance to auditors on the various legal and regulatory requirements relating to credit unions, both in Great Britain and in Northern Ireland.
Richard Fleck, APB Chairman, said:
"The 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 document