209 CMR, § 43.04 - Verification of Members' Accounts

The Auditing Committee shall verify or cause to be verified all share/deposit and loan accounts with the records of the treasurer not less frequently than once every two years. The verification of members' accounts shall be made using either of the following methods:

(1) Controlled verification of 100% of members' share/deposit and loan accounts; or

(2) Controlled random statistical sampling method that accurately tests sufficient accounts in both number and scope to provide assurance that the General Ledger accounts are fairly stated and that members' accounts are properly safeguarded. That sampling procedure must provide each member account an equal chance of being selected.

Records of those accounts verified and the procedures used to perform the verification must be maintained and retained until the next verification of members' accounts is completed.

Notes

209 CMR, § 43.04

Amended by Mass Register Issue 1265, eff. 7/18/2014. Amended by Mass Register Issue 1314, eff. 6/3/2016.