12 CFR 715.7
§ 715.7 Supervisory Committee audit alternatives to a financial statement audit.
United States · 12 CFR — Banks and Banking · Status: effective
Cite this
- Citation
- 12 CFR 715.7, § 715.7 Supervisory Committee audit alternatives to a financial statement audit, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/48637
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Full text
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.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.