Section 13-03-25-06 - Audit report and working paper maintenance and access1. Audit report. Upon completion or receipt, or both, of the written report of a financial statement audit or a supervisory committee audit, the supervisory committee must verify that the audit was performed and reported in accordance with the terms of the engagement letter prescribed herein. The supervisory committee must submit the reports to the board of directors and provide a summary of the results of the audit to the members of the credit union orally or in writing at the next annual meeting of the credit union. If a member so requests, the supervisory committee shall provide the member access to the full audit report. If the department of financial institutions or the national credit union administration so requests, the supervisory committee shall provide either the department of financial institutions or national credit union administration a copy of each of the audit reports it receives or produces. 2.Working papers. The supervisory committee shall be responsible for preparing and maintaining, or making available, a complete set of original working papers supporting each supervisory committee audit. The supervisory committee shall, upon request, provide the department of financial institutions or national credit union administration staff unconditional access to such working papers, either at the offices of the credit union or at a mutually agreed-upon location, for purposes of inspecting such working papers. N.D. Admin Code 13-03-25-06
Effective January 1, 2007.General Authority: NDCC 6-01-04
Law Implemented: NDCC 6-06-06