(a) The department, through examiners it appoints and in accordance with commission rules, shall periodically examine the books and records of each credit union.
(b) In lieu of an examination under this section, the commissioner may accept:
(1) the examination report of a regulator authorized to examine a credit union, foreign credit union, federal credit union, or other financial institution; or
(2) the audit report of an accountant, satisfactory to the commissioner, who has made and submitted a report of the condition of the affairs of a credit union, foreign credit union, federal credit union, or other financial institution.
(c) The commissioner may accept all or part of a report in lieu of all or part of an examination. An accepted part of the report has the same validity as an examination under this section.