Published date: 4 August 2017

Statement - Roundtable with credit union external auditors

As part of the Central Bank's ongoing and pro-active engagement with external stakeholders, it held a roundtable discussion on 26 July with a number of credit union external auditors and representatives from ICAI and ACCA. 

The Central Bank outlined its ongoing concerns over identified  weaknesses in governance and systems and controls  in credit unions arising from supervisory engagements which have been communicated to the sector. Compliance with the strengthened regulatory framework, in place for credit unions since 2012, is fundamental to the core obligations of credit unions to safeguard and protect their members’ funds and through its actions the Central Bank seeks to ensure the highest standards of regulatory compliance across the sector.

A discussion took place on need for full awareness by all stakeholders of the obligations and respective roles of credit unions, auditors and of the Central Bank as regulator. The Central Bank stressed its expectation that auditors report