# Fla. Stat. § 657.026: 657.026 Supervisory or audit committee

> Florida · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.026

## Section

- **Citation:** Fla. Stat. § 657.026
- **Heading:** 657.026 Supervisory or audit committee
- **Jurisdiction:** Florida
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Florida Code / Title XXXVIII / Chapter 657 / Section 657.026

## Text

(1) There shall be a supervisory or audit committee of at least three members, which may be elected by the membership or appointed by the board, or the board may appoint an audit committee of directors in the manner prescribed in the bylaws. An officer or employee may not serve on the supervisory or audit committee.

(2) The supervisory or audit committee may audit, or cause to be audited, the financial statements of the credit union to determine compliance with policy, to ensure that generally accepted accounting principles are consistently applied, and to ensure an adequate system of internal controls.

(3) The supervisory or audit committee shall: (a) Make or cause to be made a comprehensive annual audit of the credit union, in accordance with the rules of the commission. (b) Make or cause to be made such supplementary audits or examinations as it deems necessary or as are requested by the board of directors or the office. (c) Submit a report of every required audit or examination within a reasonable time to the board of directors with a copy to the office and the National Credit Union Administration. (d) Make a summary report, to the membership at the annual meeting, of any audits or examinations conducted during the preceding year.

(4) The supervisory or audit committee shall notify the board of directors, the office, and the National Credit Union Administration of any violation of this chapter, any violation of the certificate of authorization or bylaws of the credit union, or any practice of the credit union deemed by the supervisory or audit committee to materially affect, or which may potentially materially affect, the safety and soundness of the credit union.

For the purposes of this subsection, two-thirds of the members of the supervisory or audit committee constitutes a quorum.

History: ss. 1, 6, ch. 80-258; ss. 2, 3, ch. 81-318; s. 1, ch. 82-46; ss. 11, 58, ch. 85-82; ss. 1, 2, ch. 91-307; ss. 1, 2, 84, ch. 92-303; s. 1745, ch. 2003-261; s. 144, ch. 2004-5; s. 15, ch. 2005-181.

## Nearby sections

- [Fla. Stat. § 657.001 657.001 Short title.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.001.md)
- [Fla. Stat. § 657.002 657.002 Definitions.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.002.md)
- [Fla. Stat. § 657.003 657.003 Purposes.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.003.md)
- [Fla. Stat. § 657.005 657.005 Application for authority to organize a credit union; investigation.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.005.md)
- [Fla. Stat. § 657.008 657.008 Place of doing business.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.008.md)
- [Fla. Stat. § 657.021 657.021 Board of directors; executive committee responsibilities; oaths; reports to the office.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.021.md)
- [Fla. Stat. § 657.022 657.022 Executive officers.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.022.md)
- [Fla. Stat. § 657.023 657.023 Membership.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.023.md)
- [Fla. Stat. § 657.024 657.024 Membership meetings.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.024.md)
- [Fla. Stat. § 657.026 657.026 Supervisory or audit committee.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.026.md)
- [Fla. Stat. § 657.027 657.027 Credit committee and credit manager.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.027.md)
- [Fla. Stat. § 657.028 657.028 Activities of directors, officers, committee members, employees, and agents.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.028.md)
- [Fla. Stat. § 657.031 657.031 Powers.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.031.md)
- [Fla. Stat. § 657.033 657.033 Accounts.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.033.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVIII_C657_S657.026. Check the current official text before relying on it. Not legal advice.