Section 73.06. Alternatives to financial statement audit.

 

(1)  A credit union that is not required to obtain a financial statement audit shall fulfill its audit requirements by any one of the following methods:

(a) Balance sheet audit. A balance sheet audit performed by a state-licensed person.

(b) Report of examination of internal control over call reporting. A report of examination of internal control over call reporting performed by a state-licensed person, in which the management of the credit union specifies the criteria on which it based its evaluation of internal control.

(c) Supervisory Committee Guide audit. An audit performed by the audit committee, its internal auditor or any other qualified person in accordance with the procedures prescribed in NCUA's Supervisory Committee Guide. Qualified persons who are not state-licensed shall not provide assurance services under this subsection.

Example: Qualified person includes any of the following: certified public accountant, public accountant, league auditor, credit union auditor consultant and retired financial institutions examiner.

(2)  Upon completion of each audit, the auditor shall make a written report of the auditor's activities, findings and recommendations to the board of directors. The report shall be retained in the records of the credit union.

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

Note

A copy of the guide may be obtained by writing the Office of Credit Unions, P.O. Box 14137, Madison, WI 53714-0137. Microsoft Windows NT 6.1.7601 Service Pack 1