Kan. Admin. Regs. § 121-10-2

Current through Register Vol. 43, No. 46, November 14, 2024

Section 121-10-2 - Credit union audit reporting requirements

(a) The supervisory committee of each new credit union shall be required to obtain an audit of that credit union as specified in subsection (b) at least once during the first year of operation.

(b) The supervisory committee of each established credit union shall be required to obtain, at least once during each calendar year, an audit of that credit union that covers the entire period of time that has elapsed since the previous audit. The type of audit required shall be one of the following, as applicable:

(1) For a credit union with total prior year-end assets of $10 million or less, a supervisory committee annual audit and internal control checklist, an agreed-upon procedures engagement, or a financial statement audit;

(2) for a credit union with total prior year-end assets greater than $10 million but less than $250 million, an agreed-upon procedures engagement or a financial statement audit; or

(3) for a credit union with total prior year-end assets of $250 million or greater, a financial statement audit.

Kan. Admin. Regs. § 121-10-2

Authorized by and implementing K.S.A. 17-2211; effective Aug. 1, 2008.