PURPOSE: This rule establishes the basis of required audits by or for the supervisory committee, lines of authority and responsibility, and penalties for noncompliance with section 370.230, RSMo.

1. (1) The annual audit required by section 370.230(5), RSMo shall be performed by the supervisory committee or by contract with an audit firm acceptable to the Division of Credit Unions within the budget set by the board of directors.
2. (2) A copy of the annual audit required to be performed under section 370.230, RSMo shall be submitted to the director of credit unions within thirty (30) days of the completion.
3. (3) Failure of the supervisory committee to make or cause to be made acceptable examinations and the annual audit as required in 370.230, RSMo may result in the director of credit unions requiring an outside independent audit of the books and records of the credit union. Cost of the audit shall be paid by the credit union.

AUTHORITY: section 370.100, RSMo 1986.* This rule originally filed as 4 CSR 100-2.170. FINANCIAL INSTITUTIONS AND PROFESSIONAL REGISTRATION Original rule filed Dec. 15, 1975, effective Dec. 25, 1975. Emergency amendment filed Feb. 14, 1984, effective Feb. 24, 1984, expired June 23, 1984. Amended: Filed March 12, 1984, effective June 11, 1984. Moved to 20 CSR 1100-2.170, effective Aug. 28, 2006.

*Original authority: 370.100, RSMo 1939, amended 1945, 1945, 1949, 1959, 1967, 1972.