Credit unions would be required to hire licensed accountants to perform external audits under a bill introduced Thursday by Rep. Bill McCollum.

"Audits lose their effectiveness when not performed according to professional standards by persons who have demonstrated their competence," the Florida Republican said.

Currently, National Credit Union Administration rules allow unlicensed accountants to conduct full-scale financial statement audits.

The bill, endorsed by the American Institute of Certified Public Accountants, would exempt credit unions with less than $10 million of assets.

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