AICPA releases ED on credit unions – American Institute of Certified Public Accountants, exposure draft – Brief Article
The credit unions committee of the AICPA released an exposure draft, Proposed Audit and Accounting Guide–Audits of Credit Unions. Upon approval, the new guide will supersede the original guide published in 1986.
The guide is the principal reference source for credit union auditors. It also will help credit union management, directors and supervisory committees understand the nature and scope of credit union audits by independent auditors.
The ED was prepared by the credit unions committee and includes recommendations by the AICPA accounting standards executive committee and auditing standards board and the Financial Accounting Standards Board. In releasing the ED, Joseph P. Moraglio, AICPA vice-president-federal government, noted, “We’ve expanded discussion for areas such an investments, mortage banking activities and allowance for loan losses. Additionally, we’ve added an appendix section for supervisory committee audits.”
Comments on the ED are due by June 18. They should be addressed to Sue Hicks, AICPA Federal Government Division, File L-1-501, 1455 Pennsylvania Avenue, N.W., Washington, D.C. 20004-1081.
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