SECTION 12. Audit of balance sheet and other financial statements of mutual bank

At least once during each 12 months following their elections and more often if required by the commissioner, the auditing committee of a mutual bank shall have an audit made of the balance sheet of the bank and such other financial statements as it may prescribe.

The audit shall be made by an independent certified public accountant in accordance with generally accepted auditing standards and in such other form and manner at such time within said 12 months as the auditing committee may prescribe. Within 30 days after its election, the auditing committee shall appoint an accountant.

The accountant shall report in writing to the auditing committee the results of the audit. At the next meeting of the trustees or directors of the mutual institution thereafter, the auditing committee shall render a report, which shall be read and signed by the committee, stating the nature, extent and results of the audit and whether it accepts the accountant's report.

The auditing committee shall file with the commissioner a copy of the accountant's report within 30 days after its receipt and maintain another copy with the records of the bank. If the auditing committee fails to have an audit as herein provided, the commissioner shall have an audit made by an independent certified public accountant in such form and manner as the commissioner may prescribe and the expense shall be paid by the bank.