Recently Chartered Accountants Ireland has received a number of queries from auditors of credit unions relating to communications between their credit union clients and the Registrar of Credit Unions ('the Registrar'). Specifically, these communications from the Registrar have related to:
General observations relating to bad debts provisions;
Specific requests to directors of certain credit unions regarding bad debts provisions;
Issues around rescheduling of loans;
Regulatory Reserve Ratio and dividends; and
Setting the date of the AGM
We have issued the attached Information Sheet to assist members.