1. Local Unions shall submit their financial records for audit by Local Union Trustees quarterly, or have a professional Chartered Accountant audit their Local Union books annually.

5. The Local Union may choose not to hold quarterly audits by Trustees if it has an audit of the Local Union’s financial books performed annually by a professional Chartered Accountant. A Local Union which chooses to perform an annual professional audit shall provide a Financial Statement to the membership quarterly. An annual professional audit shall be the subject of a report to the regular membership meeting following the completion of the audit, or reported to the membership by other means no later than 3 months following the year end.

7. If a Local Union has failed to provide Quarterly Trustee Reports or an annual professional audit, or if there are inaccuracies or discrepancies disclosed by the Trustee Reports or audit, the Secretary Treasurer, has the authority to assign a representative or Chartered Accountant to take charge of and audit all financial books, records and accounts of the Local Union.

CHANGE TO:

1. Local Unions shall submit their financial records for audit by Local Union Trustees quarterly, or have a Chartered Professional Accountant audit their Local Union books annually.

5. The Local Union may choose not to hold quarterly audits by Trustees if it has an audit of the Local Union’s financial books performed annually by a Chartered Professional Accountant. A Local Union which chooses to perform an annual professional audit shall provide a Financial Statement to the membership quarterly. An annual professional audit shall be the subject of a report to the regular membership meeting following the completion of the audit or reported to the membership by other means no later than 3 months following the year end.

7. If a Local Union has failed to provide Quarterly Trustee Reports or an annual professional audit, or if there are inaccuracies or discrepancies disclosed by the Trustee Reports or audit, the Secretary
Treasurer, has the authority to assign a representative or Chartered Professional Accountant to take charge of and audit all financial books, records and accounts of the Local Union, and the expense of such audit shall be charged to the Local Union.

Respectfully submitted by the NEB