209 CMR, § 43.03
As a member of the Auditing Committee, you are responsible for determining that the financial condition of the credit union is accurately and fairly presented in the credit union's statements and that management practices and procedures are sufficient to safeguard members' shares. This includes ensuring the timely and adequate completion of the annual audit under GAAS auditing procedures or Auditing Committee Review, as well as the verification of members' accounts.
To meet the requirements of 209 CMR 43.00, the Auditing Committee shall determine that the credit union's accounting records and reports are prepared promptly and accurately reflect operations and results, that internal controls are established and effectively maintained to safeguard the credit union's assets, and that the plans, policies, and control procedures established by the board of directors are being properly administered. The Auditing Committee is also responsible for reviewing policies and control procedures to safeguard against error, carelessness, fraud, and conflicts of interest.
The activities generally used to carry out these responsibilities include performing or obtaining the annual audit and the verification of members' accounts; however, as a member of the Auditing Committee you are expected to oversee such other tests and reviews as may be necessary in the Auditing Committee's judgment to meet its responsibilities, such as ensuring high-risk areas of the credit union are audited or reviewed regularly.
209 CMR, § 43.03