# Supervisory Committee Audits and Verifications
> **US National Credit Union Administration** · Final rule. · Published 1996-08-08 · Effective 1996-12-31 · 61 FR 41312
## Document
- **Document number:** 96-19511
- **Category:** final-rule
- **Agency:** US National Credit Union Administration
- **Federal Register citation:** 61 FR 41312
- **CFR reference:** 12 CFR 701
- **Publication date:** 1996-08-08
- **Effective date:** 1996-12-31
## Abstract

The National Credit Union Administration (NCUA) is amending its regulations governing credit union supervisory committee audits and verifications. The final amendments clarify existing audit scope; expand audit scope and reporting requirements for compensated auditors only; require a comprehensive engagement letter setting forth minimum contracting terms and conditions; clarify existing working paper access requirements; expressly state available administrative sanctions for failure to comply with supervisory committee audit requirements and working paper access requirements; and add relevant definitions of accounting/auditing terms use throughout the regulation.

## Source
- [Federal Register document](https://www.federalregister.gov/documents/1996/08/08/96-19511/supervisory-committee-audits-and-verifications)
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