Kan. Admin. Regs. § 121-10-1 - Definitions
For purposes of this article, the following definitions shall apply:
(a) "Agreed-upon procedures engagement " means an engagement to
report on findings based on specific agreed-upon procedures performed by an
independent certified public accountant. The nature and extent of the
procedures to be performed shall be agreed to and specified in a written
agreement between the supervisory committee and the independent certified
public accountant.
(b) "Audit " means a review of a credit union's receipts,
disbursements, income, assets, and liabilities.
(c) "Financial statement audit " and "opinion audit " mean the
examination of a credit union's financial statements performed by an
independent certified public accountant for the purpose of expressing an
opinion as to whether those financial statements of the credit union present
fairly, in all material respects, the financial position and results of
operations of the credit union.
(d) "Independent certified public accountant " means a certified
public accountant who meets the following requirements:
(1) Holds a valid permit to practice issued by a state board of
accountancy. The independent certified public accountant 's firm shall be
registered with the Kansas board of accountancy; and
(2) is independent of the credit union as defined by the code
of professional conduct issued by the American institute of certified public
accountants.
(e) "Supervisory committee annual audit and internal control
checklist" means the audit and list of a credit union's work procedures that a
credit union submits to the Kansas department of credit unions on a form
supplied by the department.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.