This Practice Note contains guidance on the application of auditing standards issued by the APB to the audit of credit unions in the United Kingdom (UK). In addition, it contains guidance intended to assist the auditors of credit unions in reporting on matters specified by the regulators, and guidance is also given on the auditors’ right and duty to report to the regulators. For credit unions in Great Britain, the regulator is the Financial Services Authority (FSA) and in Northern Ireland it is the Department of Enterprise, Trade and Investment (DETI).

The Practice Note is intended to assist auditors in applying the requirements of, and should be read in conjunction with, the International Standards on Auditing (ISAs) (UK and Ireland) that apply to audits of financial statements for periods ending on or after 15 December 2010. This Practice Note sets out the special considerations relating to the audit of credit unions which arise from individual ISAs (UK and Ireland) listed in the contents. It is not the intention of the Practice Note to provide step-by-step guidance on the audit of credit unions, so where no special considerations arise from a particular ISA (UK and Ireland), no material is included.

 

This Practice Note has been prepared with advice and assistance from staff of the FSA (in so far as the obligations of credit unions and their auditors under the FSA Handbook are concerned), and with advice and assistance also from staff of DETI. It is based on the legislation and regulations which are in effect at 1 April 2011. The Practice Note does not constitute general guidance given by the FSA or Industry Guidance. It is not an exhaustive list of all the obligations that credit unions and their auditors may have under legislation and the FSA Handbook.

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