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FRC Consults on Revised Guidance for Irish Credit Union Audits
The Financial Reporting Council has yesterday issued for consultation revised guidance for auditors of Credit Unions in the Republic of Ireland. The revised Practice Note, developed in conjunction with Chartered Accountants Ireland, provides updated guidance on the legal and regulatory context applicable to Credit Unions in Ireland, as well as updated contextual material, derived from Auditing Standards (UK and Ireland) to support high quality audit.
The revised guidance provides material setting out the rights and duties of auditors operating in this sector, and sets out the legal framework for credit unions which is set and overseen by the Central Bank of Ireland.
Melanie McLaren, Executive Director, Codes and Standards said:
“The credit union sector is a significant, and vibrant element of the Irish financial services sector, with over three million account-holding members. It is, therefore, in the public interest that the FRC develops and consults on revised guidance to support the delivery of high-quality audit in this important sector.”
The consultation closes on 8th April 2016.
Notes to editors:
- The FRC is responsible for promoting high quality corporate governance and reporting to foster investment. We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work. We represent UK interests in international standard-setting. We also monitor and take action to promote the quality of corporate reporting and auditing. We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.
- All Press enquiries should be directed to:
- Peter Timberlake, Head of Communications, on telephone: 020 7492 2397/ 07768 502332, or email: p.timberlake@frc.org.uk.
- Rita Carolan, Communications Manager, on telephone: 020 7492 2307/ 07428 149096 or email: r.carolan@frc.org.uk.
- Alana Sinnen, Communications Manager, on telephone: 020 7492 2395/ 07949 005526 or email: a.sinnen@frc.org.uk.
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