(a)A credit union with total assets equal to or greater than ten million dollars ($10,000,000) shall, within 105 days after the end of each fiscal year or within any extended time that the commissioner may specify, file with the commissioner an audit report for the fiscal year.
(b)The audit report called for in subdivision (a) shall comply with all of the following provisions:
(1)The audit report shall contain the audited financial statements of the credit union for, or as of the end of, the fiscal year, prepared in accordance with generally accepted accounting principles that the
commissioner may specify, and any other information that the commissioner may specify.
(2)The audit report shall be based upon an audit of the credit union, conducted in accordance with generally accept
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(a)
A credit union with total assets equal to or greater than ten million dollars ($10,000,000) shall, within 105 days after the end of each fiscal year or within any extended time that the commissioner may specify, file with the commissioner an audit report for the fiscal year.
(b)
The audit report called for in subdivision (a) shall comply with all of the following provisions:
(1)
The audit report shall contain the audited financial statements of the credit union for, or as of the end of, the fiscal year, prepared in accordance with generally accepted accounting principles that the
commissioner may specify, and any other information that the commissioner may specify.
(2)
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 specify.
(3)
The audit report shall be prepared by an independent certified public accountant or independent public accountant who is acceptable to the commissioner.
(4)
The audit report shall include, or be accompanied by, a certificate or opinion of the independent certified public accountant or independent public accountant that is satisfactory in form and content to the commissioner. If the certificate or opinion is qualified, the
commissioner may order the credit union to take any action that the commissioner may find necessary or advisable to enable the independent certified public accountant or independent
public accountant to remove the qualification.
(c)
A credit union with total assets of less than ten million dollars ($10,000,000) shall, within 105 days after the end of each fiscal year or within any extended time that the commissioner may specify, file with the commissioner an audit report for the fiscal year.
(d)
The audit report called for in subdivision (c) may comply with all the provisions of subdivision (b), or may consist of alternative procedures acceptable to the commissioner. An alternative procedures audit may be performed by any of the following:
(1)
An independent certified public accountant.
(2)
An independent public
accountant.
(3)
The credit union’s supervisory or audit committee, as applicable, provided that the audit complies with the requirements of Section 14253.
(e)
Notwithstanding subdivision (d), the commissioner may reject an alternative procedures audit that he or she determines is not satisfactory. If the commissioner rejects an alternative procedures audit for any reason, he or she may order a credit union to obtain an audit that is satisfactory to the commissioner.
(f)
The commissioner may, by order or regulation, either unconditionally or upon specified terms and conditions, grant an exemption from this section in any case where the commissioner finds that the requirements of this section are not necessary or advisable.