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Can you summarize 10 CACR Chapter 1, Subchapter 30?
Commissioner of Business Oversight, Division of Financial Institutions > Credit Unions
Short Summary
This legal document found in the California Code of Regulations pertains to the submission of audit reports by credit unions. Credit unions are required to submit an audit report for a fiscal or calendar year within 105 days after the end of the year. The audit report must include audited financial statements prepared in accordance with generally accepted accounting principles. These financial statements should include the statement of financial condition, statement of income, statement of retained earnings, statement of cash flows, and any other financial statement required by the Commissioner. If permissible, the audited financial statements should be prepared on a consolidated basis. The audit report must be based on an audit conducted in accordance with generally accepted auditing standards and any other requirements prescribed by the Commissioner. It should be prepared by an independent certified public accountant or independent public accountant who is satisfactory to the Commissioner. The audit report should also include an opinion and a management letter from the independent accountant, both of which should be satisfactory to the Commissioner. Credit unions have the option to request confidential treatment of certain parts of the audit report. Failure to comply with the requirements may result in the Commissioner ordering the credit union to take necessary or advisable actions.
Whom does it apply to?
Credit unions
What does it govern?
Submission of audit reports by credit unions
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
Failure to comply with the requirements may result in the Commissioner ordering the credit union to take necessary or advisable actions.
Jurisdiction
California