[Code of Federal Regulations]
[Title 12, Volume 6]
[Revised as of January 1, 2008]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR715.5]

[Page 563]
 
                       TITLE 12--BANKS AND BANKING
 
            CHAPTER VII--NATIONAL CREDIT UNION ADMINISTRATION
 
PART 715_SUPERVISORY COMMITTEE AUDITS AND VERIFICATIONS--Table of Contents
 
Sec. 715.5  Audit of Federal Credit Unions.

    (a) Total assets of $500 million or greater. To fulfill its 
Supervisory Committee audit responsibility, a federal credit union 
having total assets of $500 million or greater must obtain an annual 
audit of its financial statements performed in accordance with GAAS by 
an independent person who is licensed to do so by the State or 
jurisdiction in which the credit union is principally located.
    (b) Total assets of less than $500 million but more than $10 
million. To fulfill its Supervisory Committee audit responsibility, a 
Federally-chartered credit union having total assets of less than $500 
million but more than $10 Million which does not choose to obtain an 
audit under Sec. 715.5(a), must obtain an annual supervisory committee 
audit as prescribed in Sec. 715.7.
    (c) Total assets of $10 million or less. To fulfill its Supervisory 
Committee audit responsibility, a Federally-chartered credit union 
having total assets of $10 million or less must obtain an annual 
Supervisory Committee audit as prescribed in Sec. 715.7.
    (d) Other requirements. A federally chartered credit union, 
regardless of which audit it is required to obtain under this section, 
must meet other applicable requirements of this part.