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2010 NCUSIF audit clean Operating Funds has deficiencies
ALEXANDRIA, Va. (5/1711)--The National Credit Union Administration (NCUA) announced Monday that its 2010 audited financial reports for its four permanent funds, including the National Credit Union Share Insurance Fund (NCUSIF), received unqualified or “clean” audit opinions. Noting the NCUSIF’s unqualified opinion for its financial condition specifically, NCUA Board Chairman Debbie Matz said, “The fact that independent, outside auditors issued an unqualified opinion with no reportable conditions is a testament to NCUA’s diligent oversight and protection of the share insurance fund for credit unions nationwide.” In addition to the NCUSIF, auditors also certified the financial accuracy of three other NCUA funds: the Operating Fund, the Community Development Revolving Loan Fund, and the Central Liquidity Facility. KPMG LLP completed the audits of all four funds. Expected this summer, the NCUA announcement said, KPMG also will provide its opinion of the financial statements for the Temporary Corporate Credit Union Stabilization Fund. Matz said the agency made the independent reviews of the permanent funds immediately available to the public to "facilitate transparency in our operations." Also in the report, the auditor found a “significant deficiency” regarding the NCUA Operating Fund. The auditor’s concerns are classified as “deficiency,” “significant deficiency” or “material deficiency.” A significant deficiency is a concern that is less severe than a material weakness but “important enough to merit attention by those charged with governance.” Among other things, the auditor found:
* The Operating Fund needs improvement in reporting certain activities. For example, the report cited the inability of management to readily provide documentation related to property, plant and equipment. * Also, for the first three quarters of last year, journal entries were not reviewed and approved by anyone other than the preparer.
As part of the auditor’s report, the NCUA included a response in which it said it would take steps to provide timely documentation and to ensure manual entries are accurate and entered with appropriate safeguards. The Credit Union National Association’s Accounting Task Force will be reviewing the financial statements, as well as the agency’s response, to ensure NCUA addresses all deficiencies satisfactorily without the use of excessive resources. The financial reports can be viewed by using the resource link below.
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