SECTION 4.07. ACCOUNTING SYSTEM AND REPORTS
The Board of Directors shall cause to be established and maintained a complete accounting system of the Cooperative’s financial operations and condition which, among other things, subject to applicable laws and rules and regulations of any regulatory body, shall conform to such accounting systems as may, from time to time, be designated by the administrator of the Rural Utilities Service (RUS). The Board of Directors shall also, after the close of each fiscal year, cause to be made a full, complete and independent audit of the Cooperative’s accounts, books and records reflecting the financial condition of the Cooperative as of the end of such fiscal year. Such audit reports shall be submitted to the Members at the following Annual Meeting.