A. The supervisory committee shall make or cause to be made a comprehensive annual audit of the books and affairs of the credit union. The supervisory committee shall also make those supplementary examinations, audits and verifications of members’ accounts as it deems necessary or as required by the deputy director or the board of directors. The supervisory committee shall submit a report of each annual audit to the board of directors at its next meeting, and to the deputy director, and shall include a summary of that report to the members at the next annual meeting of the credit union.

Terms Used In Arizona Laws 6-541

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Credit union: means a cooperative nonprofit association that is incorporated under this chapter for the purposes of encouraging thrift among its members and creating a source of credit and other financial services at fair and reasonable cost. See Arizona Laws 6-501
  • Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.

B. The audit shall be made using generally accepted accounting procedures and standards. Each audit at a minimum shall test the credit union’s assets, liabilities, equity, income, expenses and internal controls.

C. The supervisory committee shall ensure that adequate work papers are prepared and maintained to support each audit. These work papers shall be made available for review during examinations by the deputy director.