Arizona § 6-541 - Audits
Full text of Arizona Arizona Revised Statutes § 6-541 — Audits, with citation guidance and answers to common questions.
§ 6-541. Audits
A. The supervisory committee shall make or cause to be made a comprehensive annual audit of the books and affairs of the credit union. The supervisory committee shall also make those supplementary examinations, audits and verifications of members' accounts as it deems necessary or as required by the deputy director or the board of directors. The supervisory committee shall submit a report of each annual audit to the board of directors at its next meeting, and to the deputy director, and shall include a summary of that report to the members at the next annual meeting of the credit union.
B. The audit shall be made using generally accepted accounting procedures and standards. Each audit at a minimum shall test the credit union's assets, liabilities, equity, income, expenses and internal controls.
C. The supervisory committee shall ensure that adequate work papers are prepared and maintained to support each audit. These work papers shall be made available for review during examinations by the deputy director.
Frequently Asked Questions About Arizona § 6-541
What does Arizona Revised Statutes § 6-541 cover?
Section 6-541 ("Audits") is part of the Arizona Revised Statutes, the codified statutory law of Arizona. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arizona § 6-541?
A common citation format is "Arizona Revised Statutes § 6-541" (Arizona). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arizona law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arizona official source linked on this page or consult a licensed Arizona attorney.
How does Arizona § 6-541 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arizona can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arizona.