Section 43.06 - Requirements for a Certified Public Accountant AuditA credit union shall obtain an opinion audit by an independent certified public accountant for any fiscal year during which any one of the following conditions is present:
(1) the credit union's Auditing Committee has not conducted an annual audit under 209 CMR 43.03;(2) the credit union's annual audit did not meet the audit requirements of 209 CMR 43.05; or(3) the credit union has experienced serious and persistent recordkeeping deficiencies, which continue to exist past a usual, expected, or reasonable period of time. The Commissioner shall consider persistent recordkeeping deficiencies serious if there is a reasonable doubt 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' share accounts.Amended by Mass Register Issue 1265, eff. 7/18/2014.Amended by Mass Register Issue 1314, eff. 6/3/2016.