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Electronic Code of Federal Regulations

e-CFR data is current as of May 21, 2020

Title 12Chapter VIISubchapter APart 715 → §715.7


Title 12: Banks and Banking
PART 715—SUPERVISORY COMMITTEE AUDITS AND VERIFICATIONS


§715.7   Supervisory Committee audit alternatives to a financial statement audit.

A credit union which is not required to obtain a financial statement audit may fulfill its supervisory committee responsibility by obtaining an Other Supervisory Committee Audit. Such an audit is one that is performed by the supervisory committee, its internal auditor, or any other qualified person (such as a certified public accountant, public accountant, league auditor, credit union auditor consultant, retired financial institutions examiner, etc.) that satisfies the minimum requirements in appendix A of this part. Qualified persons who are not State-licensed cannot provide assurance services under this section.

[84 FR 53308, Oct. 7, 2019]

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