Balance sheet audit definition
Balance sheet audit means the examination of a credit union's assets, liabilities, and equity under generally accepted auditing standards by an independent public accountant for the purpose of opining on the fairness of the presentation on the balance sheet. Credit unions required to file call reports consistent with GAAP should ensure the audited balance sheet is likewise prepared on a GAAP basis. The opinion under this type of engagement would not address the fairness of the presentation of the credit union's income statement, statement of changes in equity (including comprehensive income), or statement of cashflows.
Balance sheet audit means the examination of a credit union's assets, liabilities, and equity
Balance sheet audit is defined in Section 1.5(a) of this Agreement.