2006 Kentucky Revised Statutes - .285   Annual audit.

286.6-285 Annual audit. (1) Unless the credit union has been audited by a licensed public accountant or other qualified person or firm, the supervisory committee shall make or cause to be made a comprehensive annual audit of the books and affairs of the credit union. It shall submit a report of each annual audit to the board of directors and the executive director and a summary of that report to the members at the next annual meeting of the credit union. (2) The supervisory committee shall make or cause to be made such supplementary audits, examinations or verifications of members' accounts as it deems necessary or as are required by the executive director or by the board of directors, and submit reports of these supplementary audits to the board of directors. Effective: July 13, 1984 History:Created 1984 Ky. Acts ch. 408, sec. 29, effective July 13, 1984. Formerly codified as KRS 290.285. Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286. Legislative Research Commission Note (6/20/2005). 2005 Ky. Acts chs. 11, 85, 95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to agencies and officers whose names have been changed in 2005 legislation confirming the reorganization of the executive branch. Such a correction has been made in this section.