BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
BANK AND CREDIT UNION REGULATORY AND ENFORCEMENT
Management and Operations
383-A:5-509 Annual Audits; Reports.
(a) The board of directors of a state bank or credit union shall engage a certified public accountant, at least annually, to serve as its auditor and to perform an annual audit. Each state bank or credit union shall give notice to the commissioner of its engagement of an auditor at the time of its engagement and shall require its auditor to confirm the engagement to the commissioner within 30 days of the engagement. Each state bank or credit union shall give notice to the commissioner of the termination of the engagement of an auditor at the time of the termination and shall require the auditor to confirm the termination to the commissioner within 30 days of the termination.
(b) Any auditor engaged under subsection (a) shall examine the books, accounts, and operating systems of the state bank or credit union in such a manner as in his or her judgment will result in an audit that is in agreement with generally accepted accounting standards.
(c) Each state bank or credit union shall direct its auditor to provide, and the auditor shall provide, the commissioner with a copy of its audit report, within 60 days after each is made available to the state bank or credit union. All reports, memoranda, and correspondence shall be confidential in accordance with RSA 383:10-b.
(d) In the course of his or her regular official examination of the state bank or credit union and at such other times that he or she considers advisable, the commissioner shall review and analyze the work and reports of the accountants and auditors. The auditors shall provide the commissioner with the work and reports as the commissioner may reasonably request provided the request is limited to matters that relate to the safety and soundness of the state bank or credit union. If the commissioner determines that any audit is inadequate or substantially violates the provisions of this section, then the commissioner shall report his or her findings with instructions to the board of directors, who, within 30 days after receiving that report, shall cause the state bank or credit union to comply with the report and instructions.
Source. 2015, 272:16, eff. Oct. 1, 2015. 2017, 209:1, eff. Sept. 8, 2017. 2019, 168:10, eff. July 10, 2019.