The revised Practice Note has been developed in conjunction with Chartered Accountants Ireland, to provide updated guidance on the legal and regulatory context applicable to credit unions in Ireland, as well as updated contextual material derived from International Standards on Auditing (ISAs) (UK and Ireland).

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.

The Practice Note is supplementary to, and is intended to be read in conjunction with, ISAs (UK and Ireland) and the application and other explanatory material contained in the ISAs (UK and Ireland) which apply to all audits undertaken in the Republic of Ireland.

Melanie McLaren, FRC’s executive director for audit, said: ‘The aim of this revised guidance is to support the delivery of high quality audit.

‘Credit unions play an important role for their members, therefore it is vital the audit is robust and takes proper account of the up-to-date legal and regulatory framework.’

The FRC Practice Note 27(I) (Revised) The audit of credit unions in the Republic of Ireland can be found here