Credit Union Audits
Millet Audit are a leading accountancy company, specialising in statutory audits.
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Not sure if you need a statutory audit?
Every credit union in the UK is required by law to have its financial statements independently audited each year, regardless of size. This obligation comes from the Credit Unions Act 1979 and is overseen by regulatory bodies including the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). The audit confirms that your financial statements provide a true and fair view of the credit union’s financial position, that accounting records have been kept properly, and that the credit union has complied with applicable laws and standards.
Speak to our team and we’ll guide you through the process from pre-audit meeting through to final report. Beyond confirming the accuracy of your financial statements, we review your treatment of member deposits and loans, how you manage reserves and bad debts, and your internal controls — providing clear, practical recommendations to help strengthen your credit union.
Trusted Support from Millet Audit
At Millet Audit, we understand the unique needs and responsibilities that come with running a credit union. These organisations are built on trust, community values, and financial transparency. Our role as auditors is not just about ticking boxes. It’s about helping credit unions in London operate with confidence, remain compliant, and continue serving their members effectively. With deep experience in both financial services and not-for-profit sectors, our team offers a tailored approach to credit union audits that respects the specific nature of your organisation while meeting all regulatory requirements.
Credit unions are subject to strict financial reporting obligations under UK law. Whether you are a small community credit union or a larger operation serving thousands of members, a professional audit gives reassurance to members, regulators, and stakeholders that your financial statements are accurate and that your internal processes are strong. We don’t just carry out audits—we take time to understand your credit union’s structure, governance, and values. This helps us deliver practical feedback, not just formal reports. Based in London, Millet Audit is here to support credit unions with responsive, reliable, and knowledgeable auditing services grounded in integrity and professionalism.
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Understanding the Audit Requirements for Credit Unions
Every credit union in the UK is required to have its financial statements independently audited. This obligation comes from the Credit Unions Act 1979 and is overseen by regulatory bodies such as the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). The purpose of the audit is to confirm that the financial statements provide a true and fair view of the credit union’s financial position and performance for the year. It also checks that accounting records have been kept properly and that the credit union has complied with applicable laws and standards.
Credit union audits are different from typical company audits in that they often involve additional responsibilities relating to governance, member funds, and ethical financial conduct. Auditors must consider the financial systems and controls in place, assess the reliability of internal processes, and evaluate the risk of fraud or error. As auditors for credit unions in London, we also recognise that many credit unions operate with limited resources and rely heavily on the dedication of volunteers or part-time staff. That’s why our approach is built around cooperation and clarity, ensuring your audit process is smooth, timely, and adds value. We will always explain our findings clearly and provide support where improvements may be needed.
Contact Us TodayTailored Audit Services for Credit Unions
At Millet Audit, we offer a personal and flexible audit service designed to meet the real-world needs of credit unions. We start by holding a pre-audit meeting where we can get to know your organisation, review your accounting systems, and understand any changes that may have occurred over the financial year. This preparation helps make the audit process more efficient and reduces disruption to your day-to-day operations. We respect your time and the trust you place in us, and we work hard to make the process feel collaborative rather than intrusive.
Our audits cover not just the accuracy of your financial statements but also your compliance with relevant regulations and financial practices. We look at your policies, your treatment of member deposits and loans, and how you manage reserves and bad debts. If we spot any areas for improvement, we will include clear and practical recommendations in our audit report. We are also happy to discuss these with your management team or board. As a London-based firm, we are always close by for follow-up support, whether that’s helping with an action plan or simply answering a quick question. Your audit is not just a formality—it’s an opportunity to strengthen your credit union.
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Supporting Good Governance and Internal Controls
One of the most important roles of an audit is to support and reinforce good governance. Credit unions hold funds on behalf of their members, and with that comes a duty to protect those funds with strong controls and clear financial reporting. Our audit work includes reviewing your internal systems, such as how transactions are authorised, how cash is handled, and how accounting records are maintained. We also look at how responsibilities are divided between staff and board members to ensure transparency and reduce the risk of errors or fraud.
Strong internal controls don’t have to be complex. In many credit unions, especially smaller ones, it’s about putting in simple, sensible procedures that ensure oversight and accountability. We help our clients by highlighting any weaknesses and offering practical ways to strengthen controls without creating unnecessary burden. This can be particularly helpful when staff or board members change, as good systems make it easier for others to step into key roles. Our job is not to criticise, but to support your team in creating a safe and compliant financial environment. With experience auditing many types of credit unions across London, we know what works in practice and can guide you in building robust financial systems.
A Local Audit Partner You Can Trust
Being based in London means we are well-placed to work closely with credit unions across the capital. Whether you operate in a single borough or have members from across the city, our local knowledge helps us understand the economic and social context in which your credit union operates. This context matters. It allows us to offer more relevant insights and be available for in-person meetings when needed. We know that each credit union is unique—serving different communities, managing different levels of risk, and facing different challenges.
Millet Audit brings together deep technical expertise with a genuine interest in helping our clients succeed. We don’t treat audits as a tick-box exercise. We see them as a chance to build long-term relationships based on trust and shared goals. Our team is friendly, down-to-earth, and always happy to explain technical matters in plain English. Whether you’re new to audit requirements or have been through the process many times, we aim to make the experience as smooth and positive as possible. We take pride in our professional standards and in the part we play in helping London’s credit unions thrive. With Millet Audit, you’re not just getting an auditor—you’re gaining a partner who cares about your mission. Contact us today.
Frequently Asked Questions
What is the purpose of an audit for a credit union?
The primary purpose of an audit for a credit union is to provide independent assurance that the financial statements are accurate, complete, and comply with the applicable regulations. An audit ensures that the credit union is managing its members’ money responsibly and that proper financial controls are in place. It also helps identify any weaknesses in internal systems and provides recommendations for improvement. For credit unions, which often rely on public trust and community support, a clean audit report can strengthen confidence among members, regulators, and stakeholders. In the UK, credit unions are required by law to have their accounts audited annually, regardless of size. At Millet Audit, we view the audit not just as a compliance exercise, but as an opportunity to support your organisation’s growth, governance, and long-term success. We aim to provide clarity, peace of mind, and practical guidance throughout the entire audit process.
What documents and records will we need to provide for our credit union audit?
To carry out a successful credit union audit, you’ll need to provide a range of documents and records that reflect your financial activity over the year. This typically includes your trial balance, general ledger, income and expenditure accounts, balance sheet, and supporting schedules for loans, deposits, reserves, and fixed assets. Bank statements, loan agreements, and minutes from board or committee meetings are also useful. Additionally, we may request access to your internal control policies and procedures, member register, and any regulatory correspondence. At Millet Audit, we understand that every credit union is different. That’s why we start each audit with a clear list tailored to your operations, making the process as smooth as possible. If anything is missing or unclear, we’re here to guide you through. Our goal is not just to gather numbers, but to build a complete picture of your financial activity and offer insights that support transparency and compliance.
How long does a credit union audit usually take to complete?
The duration of a credit union audit can vary depending on the size and complexity of your credit union, as well as how well your records are organised. In general, a standard credit union audit takes around two to four weeks from the initial information request to the final report. This includes planning, fieldwork, review, and reporting. Smaller credit unions may find the process quicker, especially if documentation is prepared in advance. At Millet Audit, we aim to work efficiently without compromising on quality or accuracy. We’ll agree on a schedule with you at the start and keep you updated throughout the process. If issues arise or if we identify any gaps, we’ll communicate these clearly and work collaboratively to resolve them. Our approach is always focused on reducing disruption, keeping things straightforward, and delivering your audit report in good time to meet regulatory deadlines and internal governance needs.
What happens if issues are found during the audit?
If we identify any issues during your credit union audit—such as errors in financial reporting, weaknesses in internal controls, or areas of non-compliance—we will raise them clearly and constructively. Our aim is not to penalise, but to help you strengthen your financial management and governance. We’ll provide a formal audit report that outlines any findings, along with practical recommendations for resolving them. For example, if we notice that loan provisioning policies need review or that reconciliation procedures are inconsistent, we’ll explain what needs to be improved and why. We can also meet with your board or management team to discuss the findings in plain English. Many issues, once identified, are easy to fix with the right guidance. At Millet Audit, we believe that even negative findings can lead to positive change when handled properly. Our role is to support your credit union in building stronger, more resilient financial systems for the future.
