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.
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Balance sheet audit means the examination of a credit union's assets, liabilities, and equity
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Balance sheet audit is defined in Section 1.5(a) of this Agreement.
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Examples of Balance sheet audit in a sentence

  • A federally-in- sured, state-chartered credit union, re- gardless of which audit it is required to obtain under this section, must meet other applicable requirements of this part except §§ 715.5 and 715.12.§ 715.7 Supervisory Committee audit alternatives to a financial state- ment audit.A credit union which is not required to obtain a financial statement audit may fulfill its supervisory committee responsibility by any one of the fol- lowing engagements:(a) Balance sheet audit.

  • Eg: he may be asked to audit only the payment side of cash book.5. Balance sheet audit: it‟s a kind of partial audit and is concerned with the verification of only those items appearing in the Balance Sheet.

Related to Balance sheet audit

  • Balance Sheets has the meaning set forth in Section 4.5(a).

  • Balance Sheet Date has the meaning set forth in Section 3.06.

  • Financial Statements Date shall have the meaning ascribed to it in Section 3.7.

  • Interim Balance Sheet Date has the meaning set forth in Section 3.06.

  • Balance Sheet has the meaning set forth in Section 3.06.

  • Year-End Financial Statements has the meaning set forth in Section 3.06.

  • Latest Balance Sheet Date has the meaning set forth in Section 3.10.

  • Company Balance Sheet means the consolidated balance sheet of the Company and its Subsidiaries as of December 31, 2016 and the footnotes thereto set forth in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2016.

  • Audited Company Balance Sheet means the consolidated balance sheet (and the notes thereto) of the Company and its consolidated Subsidiaries as of December 31, 2020, set forth in the Company’s Annual Report on Form 10-K filed by the Company with the SEC for the fiscal year ended December 31, 2020.

  • Off-Balance Sheet Liabilities of any Person shall mean (i) any repurchase obligation or liability of such Person with respect to accounts or notes receivable sold by such Person, (ii) any liability of such Person under any Sale-Leaseback Transactions that do not create a liability on the balance sheet of such Person, (iii) any obligation under a Synthetic Lease or (iv) any obligation arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheet of such Person.

  • Company Financial Statements has the meaning set forth in Section 3.6(a).

  • Company Balance Sheet Date means December 31, 2016.

  • Interim Balance Sheet has the meaning set forth in Section 3.06.

  • Target Financial Statements has the meaning set forth in Section 3.4.

  • Off-Balance Sheet Arrangement means any transaction, agreement or other contractual arrangement to which an entity unconsolidated with the Borrower is a party, under which the Borrower has:

  • Historical Financial Statements means the audited consolidated balance sheets of the Borrower as of December 31, 2006 and December 31, 2005 and the audited consolidated statements of income, stockholders’ equity and cash flows of the Borrower for each of the fiscal years in the three year period ending on December 31, 2006.

  • Most Recent Financial Statements has the meaning set forth in Section 4(g) below.

  • Off-Balance Sheet Liability of a Person means (a) any repurchase obligation or liability of such Person with respect to accounts or notes receivable sold by such Person, (b) any indebtedness, liability or obligation under any so-called “synthetic lease” transaction entered into by such Person, or (c) any indebtedness, liability or obligation arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheet of such Person (other than operating leases).

  • Current Financial Statements has the meaning given to such term in Section 5.9.

  • SEC Off-Balance Sheet Rules means the Disclosure in Management’s Discussion and Analysis About Off-Balance Sheet Arrangements, Securities Act Release No. 33-8182, 68 Fed. Reg. 5982 (Feb. 5, 2003) (codified at 17 CFR pts. 228, 229 and 249).

  • Pro Forma Financial Statements shall have the meaning set forth in Section 5.5(b) hereof.

  • Interim Financial Statements has the meaning set forth in Section 3.06.

  • Audited Balance Sheet means the audited balance sheet of the company prepared for the purposes of the Companies Acts for a financial year unless an audited consolidated balance sheet dealing with the state of affairs of the company and its subsidiary undertakings required to be dealt with in group accounts has been prepared for those purposes for the same financial year, in which case it means that audited consolidated balance sheet, and in that case all references to reserves shall be deemed to be references to consolidated reserves;

  • Consolidated Financial Statements means, with respect to any Person, collectively, the consolidated financial statements and notes to those financial statements, of that Person and its Consolidated Subsidiaries prepared in accordance with GAAP.

  • Company Audited Financial Statements has the meaning set forth in Section 3.11.

  • audited when used in regard to financial statements shall mean an examination of the financial statements by a firm of independent certified public accountants in accordance with generally accepted auditing standards for the purpose of expressing an opinion thereon.