Release date: 29 June 2012
Since 31 March 2012, Northern Ireland credit unions are regulated by the FSA
and must comply with the requirements of the relevant sections of the FSA
Handbook and in particular with the section of the FSA Handbook known as CREDS
“Credit Unions New Sourcebook”, as well as the amended Northern Ireland Order.
Credit unions will have been coming to terms over the past while with the
changes introduced. Obviously there will also be implications for auditors of
Credit Unions.
The change in legislation means that new procedures must be used on credit
union audits this year. This new audit toolkit for Credit Unions has been
updated to reflect changes due to the transfer of responsibility for regulation,
including the new reporting requirements for auditors.
The 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. Available on CD in
Word format, to assist practitioners we have kept as much as possible to the
same basic format, but specifically addressing new requirements such as:
- Reporting to the FSA
- CREDS Shares & Lending Limits
- CREDS Capital Ratios
- CREDS Liquidity Ratios
- New Investment Rules
- Loan Provisioning Rules