Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-11 - Independent audit

Current through all regulations passed and filed through July 1, 2024
(A) Every credit
			 union  shall maintain accounts,
			 observe GAAP, and 
								comply with any
			 other accounting standards
								 the
			 superintendent prescribes.
(B) The
			 superintendent may require at any time that a credit union have its accounts
			 audited in accordance with generally accepted auditing standards by an outside
			 auditor, at the expense of the credit union. Before commencement of the
			 independent audit, and within fifteen days of written notice from the
			 superintendent , the credit union shall submit in writing, the name and
			 address of a qualified public accountant of its choosing, for approval by the
			 superintendent.
(C) The credit
			 union shall file with the superintendent a copy of the report of audit no later
			 than fifteen days following the receipt thereof. For the purpose of this
			 
								paragraph, the term "report of audit" includes in
			 addition to the audit report itself and the accountant's certificate, any
			 special supplemental report, letter or reports to management, or any other
			 documents which are related to the audit or the report thereof. Notwithstanding
			 the foregoing, in no event shall the audit report itself and the accountant's
			 certificate be filed with the credit union later than ninety days after the end
			 of the reporting period for which the audit is conducted unless the credit
			 union has received a prior written extension of the time for filing. All credit
			 unions whose assets exceed twenty-five million dollars as of the prior year's
			 filing shall have its accounts audited by a public accountant or certified
			 public accountant licensed to do business in Ohio and an opinion given in
			 accordance with AICPA guidelines, unless waived by the superintendent. The
			 credit union shall submit such request for a waiver in writing to the
			 superintendent. The superintendent shall respond to the waiver request within
			 twenty business days of receiving the waiver request. If the superintendent
			 does not respond within twenty business days to the waiver request such request
			 is deemed approved. Such audits must be submitted to the superintendent within
			 thirty days of the credit union's receipt of the audit report.
(D)
								The form of
			 waiver of confidentiality
								
								referenced in
								1733.322 of the Revised
			 Code must
			 contain the following:
(1) A statement to the
			 effect that the waiver of confidentiality has been approved and recorded in the
			 minutes of the credit union and the date of the board of directors' meeting on
			 which the fact was recorded.
(2) A
			 certification of the above statement of fact and a restatement of the intent to
			 waive the confidentiality which is usually present between the auditor and
			 client in order to allow discussion of the case between the auditor and the
			 superintendent of credit unions. This waiver must be signed by the president
			 and secretary of the credit union.