Version status: Partly in force | Document consolidation status: Updated to reflect all known changes
Version date: 11 October 2013 - onwards
  Version 3 of 3    

120. Auditor's report, right of access and to be heard.

(1) The auditor of a credit union shall make a report to the members on the accounts examined by him, and on the annual accounts which are to be laid before the credit union at the annual general meeting during his tenure of office; and the auditor's report -

(a) shall be read at the annual general meeting of the credit union, and

(b) shall be open to inspection by any member of the credit union.

(2) Before signing the auditor’s report, the auditor of a credit union shall meet with and report to the directors of the credit union and the members of the board oversight committee on the annual accounts and any matter relating to those accounts which the auditor considers should be drawn to their attention.

(3) The auditor's report shall state whether -

(a) he has obtained all the information and explanations which, to the best of his knowledge and belief, were necessary for the purposes of his audit;

(b) he is of the opinion that proper accounting records have been kept by the credit un