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Consultation Paper on the Proposal to issue a Guidance Note on the Audit of Credit Unions

May 17, 2019
IAASA has issued a consultation paper seeking stakeholders' views regarding IAASA's proposal to issue a Guidance Note on the Audit of Credit Unions.

The Consultation Paper is available here.

The accompanying draft Guidance Note is available here.

The Guidance Note is based on Practice Note 27(I) The Audit of Credit Unions in the Republic of Ireland (issued May 2016) published by the Financial Reporting Council which was subsequently withdrawn. The principal changes are:

  • Amendments required to reflect that IAASA is now responsible for the Irish auditing framework, including changes to the International Standards on Auditing (Ireland) ('ISAs (Ireland)') in the intervening period;
  • Amendments required to reflect changes in the legal and regulatory framework for credit unions in Ireland since May 2016;
  • The insertion of a new section to provide guidance on the application of ISA (Ireland) 320 Materiality in Planning and Performing an Audit when auditing a credit union; and
  • Updating of the guidance in respect of ISA (Ireland) 540 Auditing Accounting Estimates and Related Disclosures to reflect the revisions to the standard in December 2018, that are applicable for accounting periods beginning on or after 19 December 2019 (earlier adoption is permitted).
Stakeholders and interested parties are invited to provide responses by email only to submissions@iaasa.ie by 5pm on 14 June 2019.

Published: 16 May 2019.

Source: IAASA.