Cal. Code Regs. tit. 10 § 30.1000

Current through Register 2024 Notice Reg. No. 44, November 1, 2024

Section 30.1000 - Audit Reports

(a) For the purposes of Section 14252 of the Financial Code, a credit union shall submit an audit report for a fiscal or calendar year by filing with the Commissioner within 105 days after the end of the fiscal or calendar year an audit report that complies with all of the following:

(1) The audit report shall contain the following audited financial statements of the credit union for or as of the end of the year prepared in accordance with generally accepted accounting principles:

(A) Statement of financial condition.

(B) Statement of income.

(C) Statement of retained earnings.

(D) Statement of cash flows.

(E) Any other financial statement required by the Commissioner.

(2) The audited financial statements of a credit union contained in the audit report called for in Paragraph (1) of this Subdivision shall, if permissible under generally accepted accounting principles, be prepared on a consolidated basis.

(3) The audit report shall be based upon an audit of the credit union conducted in accordance with generally accepted auditing standards and any other requirements that the Commissioner may prescribe.

(4) The audit report shall be prepared by an independent certified public accountant or independent public accountant who is not unsatisfactory to the Commissioner.

(5) The audit report shall include an opinion of an independent certified public accountant or independent public accountant on the credit union's financial statements which is satisfactory in form and scope to the Commissioner.

(6) The audit report shall include a management letter of the independent certified public accountant or independent public accountant that is satisfactory in form and scope to the Commissioner. If the management letter is not satisfactory to the Commissioner, the Commissioner may order the credit union to take any action the Commissioner finds is necessary or advisable.

(b) The credit union may request confidential treatment of all or part of the independent accountant's opinion or the financial statements by filing a written request for confidential treatment at the same time that the audit report is filed. The information to which the request relates shall be submitted separated from the other parts of the filing and marked "Confidential Treatment Requested." The written request shall state the basis for any claim of confidentiality and describe the adverse consequences which are expected to result if the information is disclosed.

Cal. Code Regs. Tit. 10, § 30.1000

1. Change without regulatory effect adding new article 10 (sections 30.1000-30.1001) and renumbering and amending former section 990 to new section 30.1000 filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).
2. Repealer and new section filed 2-27-2003; operative 3-29-2003 (Register 2003, No. 9).

Note: Authority cited: Section 14201, Financial Code. Reference: Section 14252, Financial Code; and Chapter 3.5 (commencing with Section 6250), Division 7, Title 1, Government Code.