6-541 - Arizona Statutes

6-541. Audits A. The supervisory committee shall make or cause to be made a comprehensive annual audit of the books and affairs of the credit union. The supervisory committee shall also make those supplementary examinations, audits and verifications of members' accounts as it deems necessary or as required by the superintendent or the board of directors. The supervisory committee shall submit a report of each annual audit to the board of directors at its next meeting, and to the superintendent, and shall include a summary of that report to the members at the next annual meeting of the credit union. B. The audit shall be made using generally accepted accounting procedures and standards. Each audit at a minimum shall test the credit union's assets, liabilities, equity, income, expenses and internal controls. C. The supervisory committee shall ensure that adequate work papers are prepared and maintained to support each audit. These work papers shall be made available for review during examinations by the superintendent.