Assistance from outside, compensated person.

CFR · 2024-01-01 · US · Title 12

(a) (b) (c) (1) Specify the terms, conditions, and objectives of the engagement; (2) Identify the basis of accounting to be used; (3) If an Other Supervisory Committee Audit, include an appendix setting forth the procedures to be performed; (4) Specify the rate of, or total, compensation to be paid for the audit; (5) Provide that the auditor shall, upon completion of the engagement, deliver to the Supervisory Committee a written report of the audit and notice in writing, either within the report or communicated separately, of any internal control reportable conditions and/or irregularities or illegal acts, if any, which come to the auditor's attention during the normal course of the audit (i.e., no notice required if none noted); (6) Specify a target date of delivery of the written reports, so that such target date will enable the credit union to meet its annual audit requirements in this part; (7) Certify that NCUA staff and/or the State credit union supervisor, or designated representatives of each, will be provided unconditional access to the complete set of original working papers, either at the offices of the credit union or at a mutually agreed upon location, for purposes of inspection; and (8) Acknowledge that working papers shall be retained for a minimum of three years from the date of the written audit report. (d) (e) (1) Identify the excluded items; (2) State that, because of the exclusion(s), the resulting audit will not, by itself, fulfill the scope of a supervis

official document · source cfr-2024 · id 12:§ 715.9