Requirements for verification of accounts and passbooks.

CFR · 2024-01-01 · US · Title 12

(a) (b) (1) (2) (i) Random selection: (ii) A sample which is representative of the population from which it was selected; (iii) An equal chance of selecting each dollar in the population; (iv) Sufficient accounts in both number and scope on which to base conclusions concerning management's financial reporting objectives; and (v) Additional procedures to be performed if evidence provided by confirmations alone is not sufficient. (3) (i) Sufficient accounts in both number and scope on which to base conclusions concerning management's financial reporting objectives to provide assurance that the General Ledger accounts are fairly stated in relation to the financial statements taken as a whole; (ii) Additional procedures to be performed by the auditor if evidence provided by confirmations alone is not sufficient; and (iii) Documentation of the sampling procedures used and of their consistency with GAAS (to be provided to the NCUA Board upon request). (c)

official document · source cfr-2024 · id 12:§ 715.8