PQAs for Credit Unions 2019 ROI

Available: In stock

Updated toolkit for September 2019 year end audits – available to download now

Price: -   


Product type:  
Practice toolkit
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Release date: 12 September 2019

This toolkit aims to assist in the direction and documentation of the firm’s audit of credit unions and can be used to develop a work programme suitable for the particular needs of an individual credit union client.

The PQAs for Credit Unions work programme has been updated to reflect the Audit Framework applying in Ireland, the requirements for statutory auditors, changes to FRS 102 and the amendments to the Credit Union Regulations resulting from the Credit Union Act 1997 (Regulatory Requirements) (Amendment) Regulations 2018.

The Work Programme has been extensively updated and improved.   Here are some of the key changes:

  • The Investments, Loans to members and Risk assessment/internal control assessment sections have been updated to reflect the amendments to the Credit Union Regulations in respect of investments, Central Bank expectations regarding loan provisioning and the guidance contained in the new IAASA draft Guidance Note ‘The Audit of Credit Unions’ which replaces Practice Note PN27(I)
  • A new Regulatory limits section has been added, consisting of reference tables containing the main regulatory limits for Investments, Lending, Savings, Borrowing, Reserves and Liquidity
  • The Audit Planning Memorandum has been updated to reflect requirements of the current Auditing Standards
  • The Independence and Acceptance of Appointment or Reappointment section has been extensively updated and improved to reflect the requirements of the new Ethical Standard
  • The Going Concern section has been extensively updated to reflect the new requirements of ISA 570
  • The Auditor's Report section has been updated to reflect significantly changed requirements regarding the form and content of the auditor’s report, as well as new requirements in relation to other information that accompanies the financial statements
  • The Disclosure Aide Memoir within the Financial statements overall review has been significantly updated and enhanced from the previous version
  • The File Completion Checklist section has been updated
  • The Hot File review section has now has been updated to reflect the new requirements of the revised standards

Available as a download, in Microsoft Excel format.
Please note that the previous versions of this audit toolkit are no longer compliant and should not be used for 30 September 2019 audits or thereafter.

Downloading your toolkit
Once you have placed your order online, first print your invoice if you require one. Following this, go into your My Account area on the website and open My courses & downloads.  Your toolkit will be available to download there. You have up to 90 days from the date of purchase to download your toolkit.

For more information, contact us at Practice Consulting at Tel: +353 1 6377300