(a) The commissioner may exempt a credit union from the annual audit requirement of RSA 383-E:6-602 if the credit union demonstrates that:
(1) It can maintain its safety and soundness without the audit;
(2) The cost of an audit would be an undue financial burden on the credit union; and
(3) It has an alternate audit arrangement in place that will assure the commissioner that its financial statements are true and accurate.
(b) The commissioner may revoke any exemption granted if, in his or her judgment, the safety and soundness of the exempt credit union requires it.