Advisories
Advisory 2
DCredit Union Auditors
The new legislation requires all credit unions,
regardless of size, to have their financial statements
audited for the year end December 31, 1995. Part
VIII, Section 109(1) of the new Act states, "At
each annual meeting of a credit union the members
of the credit union shall appoint, from a list of
approved auditors prepared by the Corporation, auditors
for the credit union."
During 1995, we will be reviewing the qualifications
and experience of credit union auditors and will
establish criteria for eligibility. Realizing that
most credit unions will appoint auditors at their
annual meetings held in the Spring of 1995, CUDIC
will "Grandfather" all existing auditors for 1995.
If you are reappointing your incumbent auditor,
please advise our office of the name of the firm,
their address and phone number and the person responsible
for the audit. If you are changing auditors or are
appointing auditors for the first time, please contact
our office for approval.
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