Bankowość i finanse · 8/8/1996

Supervisory Committee Audits and Verifications

The National Credit Union Administration (NCUA) is amending its regulations governing credit union supervisory committee audits and verifications. The final amendments clarify existing audit scope; expand audit scope and reporting requirements for compensated auditors only; require a comprehensive engagement letter setting forth minimum contracting terms and conditions; clarify existing working paper access requirements; expressly state available administrative sanctions for failure to comply with supervisory committee audit requirements and working paper access requirements; and add relevant definitions of accounting/auditing terms use throughout the regulation.