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Can you summarize 209 CMR 43?
Division of Banks and Loan Agencies > Audit and security requirements for credit unions
Short Summary
The document, 209 CMR 43.00, establishes the audit and security requirements for credit unions in Massachusetts. It specifies the frequency, scope, and minimum requirements for credit union audits and share verifications. The document defines key terms such as ‘Audit’ and ‘Auditing Committee’ and provides their respective meanings. It also mentions the ‘Auditing Committee Review,’ which is a review performed by the Auditing Committee or a qualified individual following the standards set forth in the National Credit Union Administration’s (NCUA) Supervisory Committee Guide for Federal Credit Unions. The Commissioner of Banks is responsible for overseeing and enforcing these requirements. The document outlines the responsibilities of the Auditing Committee in credit unions, including ensuring the accuracy and fairness of financial statements, verifying members’ accounts, and reviewing policies and control procedures. It also specifies the methods for verifying members’ accounts and the requirements for annual audits based on the credit union’s total asset size. The Auditing Committee plays a crucial role in the audit process, including being available for consultation with the auditor, reviewing the audit report, and reporting the findings to the board of directors. The document also mentions the conditions under which a credit union must obtain an opinion audit by an independent certified public accountant. It provides guidelines for engagement letters and the preparation and maintenance of workpapers and other documentation used to support annual audits. Additionally, the document states that compliance with certain federal regulations governing security programs and other related subjects will be deemed compliance with the Massachusetts regulations. Overall, the document ensures proper audit frequency, independence, and standards for credit unions in Massachusetts.
Whom does it apply to?
Credit unions in Massachusetts
What does it govern?
Examination and audit requirements for credit unions and their auditing committees, compliance with federal regulations relative to security and protection of credit unions
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Massachusetts