12 CFR § 715.7 - Supervisory Committee audit alternatives to a financial statement audit.
---
identifier: "/us/cfr/t12/s715.7"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 715.7 - Supervisory Committee audit alternatives to a financial statement audit."
title_number: 12
title_name: "Banks and Banking"
section_number: "715.7"
section_name: "Supervisory Committee audit alternatives to a financial statement audit."
chapter_name: "NATIONAL CREDIT UNION ADMINISTRATION"
subchapter_number: "A"
subchapter_name: "REGULATIONS AFFECTING CREDIT UNIONS"
part_number: "715"
part_name: "SUPERVISORY COMMITTEE AUDITS AND VERIFICATIONS"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "12 U.S.C. 1761(b), 1761d, 1782(a)(6)."
regulatory_source: "64 FR 41035, July 29, 1999, unless otherwise noted."
cfr_part: "715"
---
# 715.7 Supervisory Committee audit alternatives to a financial statement audit.
A credit union which is not required to obtain a financial statement audit may fulfill its supervisory committee responsibility by obtaining an *Other Supervisory Committee Audit.* Such an audit is one that is performed by the supervisory committee, its internal auditor, or any other qualified person (such as a certified public accountant, public accountant, league auditor, credit union auditor consultant, retired financial institutions examiner, etc.) that satisfies the minimum requirements in appendix A of this part. Qualified persons who are not State-licensed cannot provide assurance services under this section.
[84 FR 53308, Oct. 7, 2019]