Or. Admin. Code § 441-710-0510

Current through Register Vol. 63, No. 11, November 1, 2024

Section 441-710-0510 - Annual Audit; Qualified Persons to Perform; Content; Time for Filing, Reporting Action Taken

(1) The person performing the comprehensive annual audit required by ORS 723.322 must be qualified by knowledge and experience to perform credit union audits and must be approved by the Director as so qualified.

(2) The audit should test whether or not the accounting systems and methods used by the credit union, and the accounts of the credit union, accurately reflect the condition of the business. The auditor shall prepare the audit report in accordance with the guidelines furnished by the Director. The audit report shall include a management letter; and the management letter shall include, but need not be limited to:

(a) An evaluation of the soundness of the credit union;

(b) An evaluation of its internal controls;

(c) The state of its compliance with applicable statutes and rules; and

(d) An evaluation of the extent and effectiveness of its use of generally accepted accounting principles.

(3) A copy of the audit, including the management letter, shall be filed with the Director by the auditor within 30 days after the report is delivered to the credit union. Within 65 days after the audit report is received by the credit union, the credit union shall report to the Director the action it has taken or is taking in response to the report.

(4) Each credit union must file a notice with the director within 15 days after the engagement of a new independent auditor, or the resignation or dismissal of the independent auditor previously engaged. The notice must include the reasons for the event in reasonable detail.

Or. Admin. Code § 441-710-0510

BB 4-1982, f. 8-24-82, ef. 9-1-82; Renumbered from 805-072-0150; Renumbered from 441-710-0080, FCS 2-2005, f. & cert. ef. 8-25-05

Stat. Auth.: ORS 723.102

Stats. Implemented: ORS 723.322