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 43.06 - Requirements for a Certified Public Accountant Audit
Current through Register 1537, December 20, 2024
A credit union shall obtain an opinion audit by an independent certified public accountant for any fiscal year during which any one of the following conditions is present:
(1) the credit union's Auditing Committee has not conducted an annual audit under 209 CMR 43.03;
(2) the credit union's annual audit did not meet the audit requirements of 209 CMR 43.05; or
(3) the credit union has experienced serious and persistent recordkeeping deficiencies, which continue to exist past a usual, expected, or reasonable period of time. The Commissioner shall consider persistent recordkeeping deficiencies serious if there is a reasonable doubt that the financial condition of the credit union is accurately and fairly presented in the credit union's statements and that management practices and procedures are sufficient to safeguard members' share accounts.