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NCUA receives independent audit

The National Credit Union Administration released its 2010 audited financial reports for its four permanent funds, including the National Credit Union Share Insurance Fund (NCUSIF). All four funds received unqualified or “clean” audit opinions.

“The National Credit Union Share Insurance Fund that protects more than 90 million consumers’ deposits up to $250,000 has yet again received an unqualified opinion of its financial condition,” said NCUA Board Chairman Debbie Matz. “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, KPMG also will provide its opinion of the financial statements for the Temporary Corporate Credit Union Stabilization Fund

The CU Times is reporting that the audit did find “significant deficiency’’ in the agency’s financial accounting for its Operating Fund. The Times reports that this included problems by management to provide key documentation related to property and equipment, a “lack of efficiency’ in record keeping and financial close procedures and a lack of documentation of activities aimed at confirming journal entries documenting that certain transactions were made as approved.

The agency told the Times that it had already "made some improvements to its accounting system and would make more of them to respond to the deficiencies."

The financial reports are available on the NCUA's website.