Section 16. The auditing committee shall keep fully informed at all times as to the financial condition of the credit union. The auditing committee shall: (i) hold meetings not less than once each month; (ii) keep records of the meetings; (iii) certify the monthly statements submitted by the treasurer; (iv) make a thorough annual audit of the books, including income and expenses; (v) report to the board of directors its findings, together with any recommendations; and (vi) make an annual report at the annual meeting.

The auditing committee shall, under regulations prescribed by the commissioner and within a period of time not exceeding three years, cause an examination and audit to be made of the books, securities, cash, assets, liabilities, income and expenditures of the credit union including a trial balance of the deposit and share account. Such examination and audit shall be made in such form and such manner as the commissioner may prescribe and such examination and audit of a credit union having assets over five million dollars shall be made by a certified public accountant or public accountant not connected with the credit union.