Section 73.03. General responsibilities of the board of directors.

 

(1)  The board of directors shall ensure that financial reporting objectives are met by management, and that management shall establish practices and procedures sufficient to safeguard members' assets.

(2)  In meeting the responsibilities of this section, the board shall do all of the following:

(a) Ensure that internal controls to achieve reporting objectives are established and effectively maintained. These controls shall be sufficient to satisfy the requirements of the audit, verification of members' accounts and any additional responsibilities.

(b) Ensure that accounting records and financial reports that accurately reflect operations and results are prepared.

(c) Ensure that relevant plans, policies and control procedures are established and properly administered.

(d) Ensure that policies and control procedures that are sufficient to safeguard against error, conflict of interest, self-dealing and fraud are established.

(e) Ensure that the credit union adheres to the measurement and filing requirements for the call report or any other reports requested in writing by the office of credit unions or NCUA.

(f) Obtain an annual audit, as set forth in ss. DFI-CU 73.04 and 73.05 , which occurs at least once every calendar year or the period of performance, and covers the period elapsed since the last audit period or period effectively covered.

(g) Ensure the verification of members' passbooks and accounts against the records of the credit union, as set forth in s. DFI-CU 73.07 .

(3)  In carrying out the responsibilities of this section, the board may appoint a supervisory committee to oversee these responsibilities and report to the board.

History: CR 02-133 : cr. Register February 2004 No. 578 , eff. 3-1-04.