# Audit Requirement for Credit Union Service Organizations
> **US National Credit Union Administration** · Final rule. · Published 2005-09-21 · Effective 2005-10-21 · 70 FR 55227
## Document
- **Document number:** 05-18749
- **Category:** final-rule
- **Agency:** US National Credit Union Administration
- **Federal Register citation:** 70 FR 55227
- **CFR reference:** 12 CFR 712
- **Publication date:** 2005-09-21
- **Effective date:** 2005-10-21
## Abstract

NCUA is amending its rule concerning credit union service organizations (CUSOs) to provide that a wholly owned CUSO need not obtain its own annual financial statement audit from a certified public accountant if it is included in the annual consolidated audit of the federal credit union (FCU) that is its parent. The amendment will reduce regulatory burden and conform the regulation with agency practice, which since 1997 has been to view credit unions with wholly owned CUSOs in compliance with the rule if the parent FCU has obtained an annual financial statement audit on a consolidated basis.

## Source
- [Federal Register document](https://www.federalregister.gov/documents/2005/09/21/05-18749/audit-requirement-for-credit-union-service-organizations)
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