herald

Tuesday 21 August 2018

Credit unions query

CREDIT Unions in Ireland face an investigation over reports that some may have used unregistered auditors.

The Office of the Director of Corporate Enforcement (ODCE) is querying a large number of cases where companies used auditors who are not on the official register compiled by the Irish Companies Registration Office (CRO).

It is understood the accountancy bodies, which work closely with the ODCE and the CRO, are aware of reports that some credit unions may have used unregistered auditors.

However, no definitive proof of this has emerged yet.

Credit unions are not limited companies in the normal way and are regulated by the Registrar of Friendly Societies.

However, they do have to publish accounts.

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