46 NAC 3-009. REPORTING

009 REPORTING. 009.01 A report must be prepared and submitted to the Board of Directors describing the scope of the audit and setting forth the findings and recommendations as a result of the auditing procedures performed and review of the credit union's operating procedures and system of internal controls. Any open or unreconciled item at the time the report is submitted to the Board of Directors must be disclosed and commented upon in the report. 009.01A The report must include the effective date of the audit, the starting and closing dates of the audit, and a statement that the minimum requirements outlined in this rule were met. The report shall include a balance sheet listing of the credit union's assets, liability, and capital, including the balance of the general ledger asset and liability accounts examined as of the audit date under the specific account headings. 009.01B A description of procedures followed, including those applied to the income and expense accounts, is to be a part of the report. 009.02 The Supervisory Committee must file an electronic copy or two paper copies of the report with the Department within 120 days from the completion of the audit, or authorize the accountant or accounting firm performing the audit to file an electronic copy or two paper copies of the report with the Department within 120 days from the completion of the audit. 009.03 Any defalcation discovered during the audit must be reported to the Department immediately by the Supervisory Committee. In the event the Supervisory Committee does not report the defalcation immediately, the accountant or accounting firm performing the audit must report the defalcation immediately. The accountant or accounting firm conducting the audit should have the credit union authorize him, her, or it in advance of the audit to notify the Department of discovered defalcations.