News Article - 26 November 2007
Category:
Business
A consultation paper has been drafted by the Auditing Practices
Board (APB) on the audit of credit unions in the Republic of
Ireland.
The advisory period is due to end on March 31st of next year and
will aim to provide guidelines in applying individual savings accounts to financial statements and also the
legal requirements of credit unions.
Chairman of the APB Richard Fleck claimed there was "currently
significant doubt" over fair value accountancy regulations.
"Auditors of credit unions need to understand the legal and
regulatory environment relating to credit unions and consider
carefully the appropriateness of accounting policies," he said.
This latest consultation paper follows a recent drafting by the APB
on the audit of banks in the Republic of Ireland, following its
initial publication five years ago.
Papers such as these are described as "persuasive rather than
prescriptive", according to the APB, but the board claims they are
guidelines of good practice for auditors.
Article keywords:
Make mistakes when you're paying staff and you'll quickly realize you have a real problem on your hands. Compared to other areas of your business, payroll is often seen as a purely back office, operational function, something that's 'just there.' The problem with payroll is people only notice it when it goes wrong.
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