Annual audit
64. (1) The auditor shall make such examination as will enable the auditor to report to the members of the credit union as required by subsection (2). Auditor’s report (2) The auditor shall make a report to the members of the credit union on the financial statement to be placed before the members at its annual meeting in accordance with section 71, and shall state in the report whether in the auditor’s opinion the financial statement referred to therein presents fairly the financial position of the credit union and the results of its operations for the period under review in accordance with generally accepted accounting principles applied on a basis consistent with that of the preceding period, if any. Auditor’s statement (3) The auditor shall also report that his or her examination was made in accordance with generally accepted auditing standards and that accordingly it included such tests and other procedures as the auditor considered necessary in the circumstances. Qualified report (4) When the report under subsection (2) does not contain the unqualified opinion required thereby, the auditor shall state in the report the reasons therefor. Facts discovered after statement (5) Where facts come to the attention of the officers or board of directors which, if known prior to the date of the last annual meeting of members, would have required a material adjustment to the financial statement presented to such meeting, the officers or board shall communicate such facts to the auditor who reported to the members under this section and the board shall forthwith amend the financial statement and send it to the auditor. Amendment of auditor’s report (6) On the receipt of facts furnished under subsection (5) or from any other source, the auditor shall, if in the auditor’s opinion it is necessary, amend the report in respect of the financial statement in accordance with subsection (4) and the board of directors or, if they fail to do so within a reasonable time, the auditor shall mail the amended report to the members. Right of access (7) The auditor of a credit union has right of access at all times to all records, documents, accounts and vouchers of the credit union and is entitled to require from the board of directors, officers, employees and members of the credit committee or the supervisory committee of the credit union such information and explanation as in the auditor’s opinion are necessary to enable the auditor to report as required by subsection (2). Right to attend meetings (8) The auditor of a credit union is entitled to attend any meeting of members of the credit union and to receive all notices and other communications relating to any such meeting that a member is entitled to receive, and to be heard at any such meeting that the auditor attends on any part of the business of the meeting that concerns him or her as auditor. Member’s right to require auditor’s attendance (9) Any member of a credit union who is entitled to vote at meetings of members, may, by notice in writing to the credit union given five days or more before any meeting of members, require the attendance of the auditor at such meeting at the credit union’s expense, and in such event the auditor shall attend the meeting. Auditor to answer inquiries (10) At any meeting of members, the auditor, if present, shall answer inquiries directed to the auditor concerning the basis upon which he or she formed the opinion stated in the report made under subsection (2). R.S.O. 1980, c.102, s.64. Officers--General