New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 17 - CREDIT UNIONS
Part 12 - QUALIFIED EXTERNAL AUDITORS
Section 12.17.12.8 - QUALIFIED EXTERNAL AUDITORS
Current through Register Vol. 35, No. 18, September 24, 2024
A. The supervisory committee of a qualified credit union [with concurrence by the board of directors] may show proof of exceeding the 5% standard and develop an alternate audit plan to utilize a person or firm that is not a certified public accountant or experienced in credit union audits to lessen the financial impact of the audit on the credit union. This plan must be acceptable to and approved by the Financial Institutions Division.
B. The plan must be submitted to the Financial Institutions Division for approval at least 30 days prior to implementation. The request should include the following qualification information regarding the person or firm included in the plan: