Current through Register 2022 Notice Reg. No. 16, April 25, 2022
For the purposes of Section
the Financial Code, a credit union shall submit an audit report for a fiscal or
calendar year by filing with the Commissioner within 105 days after the end of
the fiscal or calendar year an audit report that complies with all of the
The audit report shall contain
the following audited financial statements of the credit union for or as of the
end of the year prepared in accordance with generally accepted accounting
(A) Statement of financial
(B) Statement of
(C) Statement of retained
(D) Statement of cash
(E) Any other financial
statement required by the Commissioner.
(2) The audited financial statements of a
credit union contained in the audit report called for in Paragraph (1) of this
Subdivision shall, if permissible under generally accepted accounting
principles, be prepared on a consolidated basis.
(3) The audit report shall be based upon an
audit of the credit union conducted in accordance with generally accepted
auditing standards and any other requirements that the Commissioner may
(4) The audit report
shall be prepared by an independent certified public accountant or independent
public accountant who is not unsatisfactory to the Commissioner.
(5) The audit report shall include an opinion
of an independent certified public accountant or independent public accountant
on the credit union's financial statements which is satisfactory in form and
scope to the Commissioner.
audit report shall include a management letter of the independent certified
public accountant or independent public accountant that is satisfactory in form
and scope to the Commissioner. If the management letter is not satisfactory to
the Commissioner, the Commissioner may order the credit union to take any
action the Commissioner finds is necessary or advisable.
(b) The credit union may request confidential
treatment of all or part of the independent accountant's opinion or the
financial statements by filing a written request for confidential treatment at
the same time that the audit report is filed. The information to which the
request relates shall be submitted separated from the other parts of the filing
and marked "Confidential Treatment Requested." The written request shall state
the basis for any claim of confidentiality and describe the adverse
consequences which are expected to result if the information is
Cal. Code Regs. Tit.
Note: Authority cited: Section
Financial Code. Reference: Section
Financial Code; and Chapter 3.5 (commencing with Section 6250), Division 7,
Title 1, Government Code.
1. Change without
regulatory effect adding new article 10 (sections 30.1000-30.1001) and
renumbering and amending former section 990 to new section 30.1000 filed
8-19-97 pursuant to section 100, title 1, California Code of Regulations
(Register 97, No. 34).
2. Repealer and new section filed 2-27-2003;
operative 3-29-2003 (Register 2003, No.