As a member of the Auditing Committee, you are responsible for
determining that the financial condition of the credit union is accurately and
fairly presented in the credit union's statements and that management practices
and procedures are sufficient to safeguard members' shares. This includes
ensuring the timely and adequate completion of the annual audit under GAAS
auditing procedures or Auditing Committee Review, as well as the verification
of members' accounts.
To meet the requirements of
209 CMR 43.00, the Auditing
Committee shall determine that the credit union's accounting records and
reports are prepared promptly and accurately reflect operations and results,
that internal controls are established and effectively maintained to safeguard
the credit union's assets, and that the plans, policies, and control procedures
established by the board of directors are being properly administered. The
Auditing Committee is also responsible for reviewing policies and control
procedures to safeguard against error, carelessness, fraud, and conflicts of
interest.
The activities generally used to carry out these
responsibilities include performing or obtaining the annual audit and the
verification of members' accounts; however, as a member of the Auditing
Committee you are expected to oversee such other tests and reviews as may be
necessary in the Auditing Committee's judgment to meet its responsibilities,
such as ensuring high-risk areas of the credit union are audited or reviewed
regularly.
