An audit of the affairs of the association shall be made annually as of the end of its fiscal year by or under the direction of the board of directors. The deputy director may prescribe certain minimum requirements of the audit and shall require the filing of a copy of the report covering the audit with the deputy director. The audit shall be filed with the deputy director not more than one hundred twenty days after the end of the association’s fiscal year, unless the deputy director extends the time period for good cause shown. The audit is not a substitute for or in lieu of the examination by the deputy director required by section 6-122.

Terms Used In Arizona Laws 6-477

  • Association: means every association to which this chapter applies as defined in the section concerning scope of chapter. See Arizona Laws 6-401
  • Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
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