APPLICATION

002 APPLICATION. 002.01 Section 21-1771 of the Nebraska Credit Union Act says in part, "Unless the credit union has been audited by a certified public accountant, 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 a summary of that report to the members at the next annual meeting of the credit union." 002.02 The certified public accountant or certified public accounting firm must apply to the Department on forms prescribed by the Department for approval to conduct the annual audit. The minimum standards to be met by an accountant selected to perform the annual audit of a credit union and the minimum standards of the annual audit itself are as set forth in this Rule.