North Dakota Administrative Code
Title 13 - Department of Financial Institutions
Article 13-03 - Credit Unions
Chapter 13-03-25 - Supervisory Committee Audits and Verifications
Section 13-03-25-02 - General responsibilities of the supervisory committee
Universal Citation: ND Admin Code ยง 13-03-25-02
Current through Supplement No. 392, April, 2024
1. Basic. The supervisory committee is responsible for ensuring that the board of directors and management of the credit union:
a. Meet required financial reporting
objectives; and
b. Establish
practices and procedures sufficient to safeguard members' assets.
2. Specific. To carry out the responsibilities set forth in subsection 1, the supervisory committee must determine whether:
a. Internal controls
are established and effectively maintained to achieve the credit union's
financial reporting objectives which must be sufficient to satisfy the
requirements of the supervisory committee audit, verification of members'
accounts and its additional responsibilities;
b. The credit union's accounting records and
financial reports are promptly prepared and accurately reflect operations and
results;
c. The relevant plans,
policies, and control procedures established by the board of directors are
properly administered; and
d.
Policies and control procedures are sufficient to safeguard against error,
conflict of interest, self-dealing, and fraud.
3. Mandates. In carrying out the responsibilities set forth in subsections 1 and 2, the supervisory committee must:
a. Ensure that the credit union adheres
to the measurement and filing requirements for reports filed with the
commissioner for the department of financial institutions under North Dakota
Century Code section
6-06-08 and with the national
credit union administration board under part 741.6 of national credit union
administration rules and regulations;
b. Perform or obtain a supervisory committee
audit, as prescribed in section 13-03-25-04 and under North Dakota
Century Code section
6-06-15;
c. Verify or cause the verification of
members' accounts against the record of the credit union, as prescribed in
section 13-03-25-06; and
d. Act to avoid imposition of sanctions for
failure to comply with the requirements of this chapter, as prescribed in
sections 13-03-25-07 and 13-03-25-08.
General Authority: NDCC 6-01-04
Law Implemented: NDCC 6-06-06
Disclaimer: These regulations may not be the most recent version. North Dakota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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