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 COL120106 11 GCAFINANCE & TAXATION 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.