Circular R2 - 40/98 published in December 1998 introduced the 'Consolidated Report and Auditor's Opinion on application of annual revenue and capital funding' (CRAO). The CRAO was introduced to reduce the number of returns for which associations needed to secure the opinion of the external auditor. Circular R2 - 40/98 required the association to complete the Consolidated Report and their external auditor to certify the Consolidated Auditor's opinion.

Since Circular R2 - 40/98 was published there have been many changes to the funding of housing associations and a number of funding types referred to in the CRAO no longer exist. For some funding types the Corporation now obtains the assurance it needs by means other than the CRAO.

The Housing Corporation is now formally removing the requirement for associations to complete and submit the CRAO with immediate effect.