Section 7-1-657. Duties of supervisory committee; inspections; comprehensive annual audits

   (a) The supervisory committee shall be responsible for securing a comprehensive audit of the credit union at least once each year. The committee may employ the services of an independent accountant or firm of such accountants or the internal auditors of any sponsoring group, concern, or association of credit unions to make such comprehensive audit. The results of the audit shall be submitted to the board and the committee shall present a summary of the results of the audit to the membership. The committee shall make recommendations to the board for the correction of any deficiencies disclosed by the audit. The annual audit shall include a confirmation of the share, deposit, and loan accounts of the members and such other procedures as the department might require. The annual audit shall be preserved with the records of the credit union and a copy shall be filed with the department.

(b) The supervisory committee, from time to time, may conduct or cause to be conducted other audit functions or reviews of operations or may make or cause to be made an inspection of the assets and the liabilities of the credit union. The committee shall report the results of any such reviews to the board of directors and shall be responsible for making specific recommendations to the board regarding any unsafe, unsound, or unauthorized activities discovered.

Ga. L. 1925, p. 165, § 15; Code 1933, § 25-114; Code 1933, § 41A-3108, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1981, p. 1244, § 9; Ga. L. 2002, p. 1220, § 7.