Audits in Lieu of Examination: Procedure

PURPOSE: This rule establishes the requirements to be met before a credit union may have an audit in place of the regular examination by the division (see section 370.120.3., RSMo, for statutory provisions). (1) The reports of an auditor who has audited a credit union may be accepted by the director in lieu of an examination by the Division of Credit Unions if the auditor has been approved by the director for the audit on the basis of a written application from the credit union for the acceptance of the audit in lieu of examination. Further, the director, in approving the performance of the audit, may require the submission of various classes of data, delineated by the director, to be reported in the manner and upon forms as required by the director. AUTHORITY: section 370.100, RSMo Supp. 2011.* This rule originally filed as 4 CSR 100-2.100. Original rule filed Sept. 14, 1972, effective Sept. 24, 1972. Amended: Filed Dec. 15, 1975, effective Dec. 25, 1975. Moved to 20 CSR 1100-2.100, effective Aug. 28, 2006. Amended: Filed May 14, 2012, effective Nov. 30, 2012. *Original authority: 370.100, RSMo 1939, amended 1945, 1945, 1949, 1959, 1967, 1972.