12 C.F.R. § 715.5 Audit of Federal Credit Unions.
Title 12 - Banks and Banking
(a) Total assets of $500 million or greater. To fulfill its Supervisory Committee audit responsibility, a federal credit union having total assets of $500 million or greater must obtain an annual audit of its financial statements performed in accordance with GAAS by an independent person who is licensed to do so by the State or jurisdiction in which the credit union is principally located. (b) Total assets of less than $500 million but more than $10 million. To fulfill its Supervisory Committee audit responsibility, a Federally-chartered credit union having total assets of less than $500 million but more than $10 Million which does not choose to obtain an audit under §715.5(a), must obtain an annual supervisory committee audit as prescribed in §715.7. (c) Total assets of $10 million or less. To fulfill its Supervisory Committee audit responsibility, a Federally-chartered credit union having total assets of $10 million or less must obtain an annual Supervisory Committee audit as prescribed in §715.7. (d) Other requirements. A federally chartered credit union, regardless of which audit it is required to obtain under this section, must meet other applicable requirements of this part.
Title 12: Banks and Banking
PART 715—SUPERVISORY COMMITTEE AUDITS AND VERIFICATIONS
§ 715.5 Audit of Federal Credit Unions.
