NCUA OIG gets passing grade in audit control peer review

Out of three possible ratings – pass, pass with deficiencies, or fail – the inspector general office of the federal credit union regulatory agency garnered a “pass” rating in a recent peer review of its quality control system.

A March 21 letter on the review states that in the opinion of the writer – the Peace Corps OIG – the system of quality control for the audit organization of the National Credit Union Administration (NCUA) Office of Inspector General (OIG) “has been suitably designed and complied with to provide NCUA OIG with reasonable assurance of performing and reporting in conformity with applicable professional standards and applicable legal and regulatory requirements in all material respects.”

The letter notes that a system of quality control includes the NCUA OIG’s organizational structure, the policies adopted and procedures established to provide it with reasonable assurance of conforming in all material respects with Government Auditing Standards, and applicable legal and regulatory requirements.