The Central Bank has issued a Circular to all auditors of credit unions in relation to the auditing of accounts for the year ending 31 December 2012. The Circular refers to a Circular dated 13 August 2012 that was sent to the chairman of each credit union and which highlighted the key areas that the board of directors should focus on for the year end 2012. Areas to be looked at include (i) regulatory reserve ratio’s, (ii) assets reviews and (iii) loan provisioning.

A copy of the circular is available on the Central Bank website.