Code of Massachusetts Regulations
209 CMR - DIVISION OF BANKS AND LOAN AGENCIES
Title 209 CMR 43.00 - Audit And Security Requirements For Credit Unions
Section 43.02 - Definitions

As used in 209 CMR 43.00, the following words shall have the following meanings:

Audit: an examination of the books, securities, cash, assets, liabilities, equity, income and expenditures of a credit union, including trial balance of the deposit and share account, in which a certified public accountant conducts an audit using generally accepted auditing standards (GAAS) and issues an opinion on whether the financial statements conform with generally accepted accounting principles (GAAP), subject to such other conditions and requirements that the Commissioner may impose from time to time under M.G.L. c. 171, § 16.

Auditing Committee: the committee elected by the credit union's Board of Directors under M.G.L. c. 171, § 15 and which operates under M.G.L. c. 171, § 16.

Auditing Committee Review: a review performed by the Auditing Committee or a qualified individual that conforms, at a minimum, to the standards set forth in the National Credit Union Administration's (NCUA) Supervisory Committee Guide for Federal Credit Unions.

Commissioner: the Commissioner of Banks.

Credit Union: a credit union as defined by M.G.L. c. 171, § 1 and subject to supervision and examination by the Commissioner.

Members of Their Immediate Families: a spouse, or a child, parent, grandchild, grandparent, brother or sister, or the spouse of any such individual.

NCUA: The National Credit Union Administration, or any successor to such entity.

Qualified Individual: any accounting or auditing professional, excluding a credit union employee, who performs the Auditing Committee Review or verification of members' accounts. Examples of such an individual could include a certified public accountant, a credit union auditor consultant, or an individual experienced in financial statement audits.