Nebraska Statutes 21-1771. Supervisory committee; duties; audit
(1) Unless the credit union has been audited by a certified public accountant, the supervisory committee shall make or cause to be made a comprehensive annual audit of the books and affairs of the credit union. It shall submit a report of each annual audit to the board of directors and a summary of that report to the members at the next annual meeting of the credit union.
Terms Used In Nebraska Statutes 21-1771
- Credit union: shall mean a cooperative, nonprofit corporation organized under the Credit Union Act for purposes of educating and encouraging its members in the concept of thrift, creating a source of credit for provident and productive purposes, and carrying on such collateral activities as are set forth in the act. See Nebraska Statutes 21-1705
- Department: shall mean the Department of Banking and Finance. See Nebraska Statutes 21-1706
- Director: shall mean the Director of Banking and Finance. See Nebraska Statutes 21-1707
(2) The supervisory committee shall make or cause to be made such supplementary audits, examinations, and verifications of members’ accounts as it deems necessary or as are required by the director or the board of directors and shall submit reports of these supplementary audits to the board of directors.
(3) Nothing in this section shall prohibit the department for cause from requiring a credit union to obtain a qualified opinion audit conducted by a certified public accountant and paid for by the credit union.