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IAASA issues Guidance Note on the audit of credit unions

Oct 04, 2019
The Irish Auditing & Accounting Supervisory Authority (IAASA) has issued a Guidance Note on the audit of credit unions. This Guidance Note provides guidance to auditors on the application of International Standards on Auditing (Ireland) (ISAs (Ireland)) adopted by the IAASA to the audit of the financial statements of credit unions in the Republic of Ireland.

It also contains guidance on special factors to be considered in the application of ISA (Ireland) 250: Section A - Consideration of laws and regulations in an audit of financial statements (Revised July 2017) and ISA (Ireland) 250: Section B - The Auditor’s statutory right and duty to report to regulators of public interest entities and regulators of other entities in the financial sector to audits of credit unions.

The Guidance Note is available here.

A Consultation Paper on the draft Guidance Note was issued in May 2019, available here.
IAASA has also released a Feedback Paper on the responses received to its Consultation Paper. The Feedback Paper is available here.

(Source: IAASA)