OIG report says NCUA’s schedule for share insurance fund, asset management estates, op fund presented fairly

An audit of the federal credit union regulator’s schedule of “other assets and contributed capital” – including the National Credit Union Share Insurance Fund (NCUSIF), the NCUSIF asset management estates and the agency’s operating fund – as of Sept. 30, 2019, showed no “significant” deficiencies in internal control that would be considered material weaknesses, according to an inspector general report dated Nov. 15.

The report by the National Credit Union Administration (NCUA) Office of Inspector General (OIG), published on the agency’s website, transmits the audit report by KPMG LLP to the agency’s board members and high-level executive staff. The audit report said the schedule “presents fairly, in all material respects,  the other assets and contributed capital of the National Credit Union Administration as of September 30, 2019, in conformity with U.S. generally accepted accounting principles.”

The report notes that while no significant deficiencies in internal controls were identified, the auditors’ review of internal controls was limited. “(W)e considered the NCUA’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the schedule, but not for the purpose of expressing an opinion on the effectiveness of the NCUA’s internal control,” the report states. “Accordingly, we do not express an opinion on the effectiveness of the NCUA’s internal control. We did not test all internal controls relevant to operating objectives as broadly defined by the Federal Manager’s Financial Integrity Act of 1982.”

Report: OIG-19-09

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