Ga. Comp. R. & Regs. R. 80-2-6-.01 - Audits
(1) Every Audit
Committee shall have an annual audit of the credit union performed, which must
be comprehensive in scope covering the period elapsed since the last annual
audit, and submit a summary of the audit results at the next annual meeting of
the members of the credit union.
(2) The annual audit must be performed by a
licensed independent accountant or firm of accountants. However, if the credit
union has assets of less than $15 million, the Audit Committee may elect to
have the annual audit conducted by the internal auditors of any sponsoring
group, concern, or association of credit unions approved by the Department in
writing.
(3)
(a) Audit reports in which a licensed
independent accountant expresses an unqualified opinion shall be provided to
the Department upon request. All other audit reports in which a licensed
independent accountant expresses anything other than an unqualified opinion,
including, but not limited to, a qualified opinion, an adverse opinion, or a
disclaimer of opinion, shall be provided to the Department within fifteen (15)
days following receipt by the financial institution. All audit reports
generated by anyone besides a licensed independent accountant in accordance
with Paragraph 2 of this rule, shall be provided to the Department within
fifteen (15) days following receipt by the financial institution. Audit reports
submitted to the Department shall be accompanied by the Letter to Management,
if applicable, detailing any reportable conditions discovered during the audit
engagement.
(b) Failure to obtain
the required audit, or the auditor's report thereof, shall be reported to the
Department within fifteen (15) days of discovery.
(c) The engagement letter should clearly
define the extent of the audit work including, the scope of the audit, the
objectives, the resource requirements, the audit timeframes, and the resulting
reports, as well as detail the methods utilized by the auditor to handle and
protect member information. The credit union shall provide the Department with
a copy of the engagement letter at the same time the audit report is provided
to the Department.
(d) The auditor
shall also provide the Department with a copy of the audit as well as the
engagement letter at the request of the Department.
(4) If the audit is conducted by a licensed
independent accountant or firm of accountants, the individual or firm is
responsible for the preparation and maintenance of any work papers used to
support the findings and conclusions in the audit. Conversely, if the audit is
conducted by the internal auditors of any sponsoring group, concern, or
association of credit unions, the Audit Committee shall be responsible for the
preparation and maintenance of any work papers used to support the finding and
conclusions in the audit. Under either scenario, the work papers shall be
subject to review by the Department and must be made available to the
Department upon request.
(5) In the
event the Department determines that an audit is deficient, the Department may
require the credit union to immediately obtain a new annual audit performed on
terms and by an individual acceptable to the Department.
(6) At frequent intervals, but under no
circumstances less than annually, the Audit Committee shall also make, or cause
to be made, an inspection of the assets and liabilities of the credit union,
the credit union's loan and deposit accounts, and the credit union's
information technology. The Audit Committee shall also have supplementary
audits performed upon request of the Department.
(7) At frequent intervals, but under no
circumstances less than annually, the Audit Committee shall make, or cause to
be made, a physical cash count.
Notes
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