Guam § 133106 - Annual Audit.

§ 133106. Annual Audit.

Each association, at least once in each year, shall cause its books

and accounts to be audited at its own expense by a certified public

accountant of any of the states or territories of the United States or by

such other accountants selected by such association as shall be approved

by the commissioner. Such annual audit shall cover the fiscal year unless

the commissioner shall fix a different period which he may do in the case

of any association. Each association shall furnish to the commissioner

annually within 90 days after the end of the period covered by such audit,

two signed copies of the report of such accountant or accountants

showing the result of such audit and including a balance sheet of such

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CH. 133 ACCOUNTS, REPORTS, AUDITS AND STATEMENTS

association at the date of such audit and a statement of the income and

expenses of such association during the year ending with the date of such

audit which balance sheet and statement of income and expenses shall be

certified by such accountant or accountants. The commissioner shall

have power to prescribe the scope of such audit, and to require, such

accountant or accountants to furnish him with information additional to

that contained in the report of such audit. A copy of each report furnished

to the commissioner pursuant to this section shall be kept at the office of

the commissioner, and shall be open to examination by any investor of

the association in question, subject to Section 141101 of this act and to

such reasonable regulations as the commissioner may prescribe. In lieu

of such audit, or as a portion of such audit, the commissioner may accept

any audit, or that portion or any audit, made exclusively by the

examiners for the Home Loan Bank Board, Federal Home Loan Bank or

Federal Savings and Loan Insurance Corporation.