Credit Union Act 1997

Auditor’s report, right of access and to be heard.

120

120. (1) The auditor of a credit union shall make a report to the members on the accounts examined by him, and on the annual accounts which are to be laid before the credit union at the annual general meeting during his tenure of office; and the auditor's report—

( a) shall be read at the annual general meeting of the credit union, and

( b) shall be open to inspection by any member of the credit union.

F251 [ (2) Before signing the auditor s report, the auditor of a credit union shall meet with and report to the directors of the credit union and the members of the board oversight committee on the annual accounts and any matter relating to those accounts which the auditor considers should be drawn to their attention. ]

(3) The auditor’s report shall state whether—

( a) he has obtained all the information and explanations which, to the best of his knowledge and belief, were necessary for the purposes of his audit;

( b) he is of the opinion that proper accounting records have been kept by the credit union;

( c) the credit union’s annual accounts are in agreement with the accounting records of the credit union;

( d) he is of the opinion that the credit union’s annual accounts have been properly prepared so as to conform with any requirements made by or under this Act and give a true and fair view—

(i) in the case of the balance sheet, of the credit union’s state of affairs as at the end of the financial year;

(ii) in the case of the income and expenditure account, of the income and expenditure of the credit union for the financial year; and

( e) the credit union’s annual accounts contain any statement required under section 111 (1)(c) to be included by the body of accountants concerned.

(4) Without prejudice to subsection (3), where the report of the auditor relates to any accounts other than the income and expenditure account for the financial year in respect of which he is appointed, that report shall state whether those accounts give a true and fair view of any matter to which they relate.

(5) It shall be the duty of the auditor in preparing his report under this section to carry out such investigations as will enable him to form an opinion as to whether—

( a) the credit union has kept proper accounting records, and

( b) the credit union has maintained satisfactory systems of control of its business and records,

and where the auditor is of the opinion that the credit union has failed to keep proper accounting records or to maintain a satisfactory system of control of its business or records, he shall so state in his report.

(6) Every auditor of a credit union shall have a right of access at all reasonable times to the books and documents of the credit union, and shall be entitled to require from the officers F252 [ ] of the credit union such information and explanations that are within their knowledge or can be procured by them, as he thinks necessary for the performance of his duty as auditor.

(7) The auditor of a credit union shall be entitled—

( a) to attend any general meeting of the credit union; and

( b) to be heard at any general meeting on any part of the business which concerns him as auditor of the credit union;

and the credit union shall give its auditor the same notice of, and any other communications relating to, a general meeting that a member of the credit union is entitled to receive.

Annotations:

Amendments:

F251

Substituted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 106, S.I. No. 393 of 2013.

F252

Deleted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 107, S.I. No. 393 of 2013.