The inspector general for the federal credit union regulator received a rating of “pass” by another agency’s IG office in an annual peer review that was made public Thursday.
The review was conducted for the system of quality control in effect by the agency for the year ended Sept. 30, 2018.
The review of the National Credit Union Administration’s (NCUA) Office of Inspector General (OIG) found that the system of quality control for the agency’s audit organization “has been suitably designed and complied with to provide the NCUA OIG with reasonable assurance of performing and reporting in conformity with applicable professional standards in all material respects.”
The rating of “pass” – assigned by the OIG for the Farm Credit Administration (FCA, which performed the peer review) – is the highest of the three ratings available: pass, pass with deficiencies, or fail.
The FCA noted that the credit union regulator’s OIG is responsible for establishing and maintaining a system of quality control. That system, in turn, is designed to provide the NCUA OIG with reasonable assurance that the organization and its personnel comply with professional standards and applicable legal and regulatory requirements in all material respects.
The FCA’s responsibility in the audit, according to that agency, “is to express an opinion on the design of the system of quality control and NCUA OIG’s compliance therewith based on our review.”