Audit shows NCUA schedule of investments, taxes/receipts comply with standards

An independent audit of the federal credit union regulatory agency’s schedule of investments and other taxes and receipts as of Sept. 30, 2023, presents information fairly under generally accepted accounting principles (GAAP), according to a report posted recently online.

The report by the National Credit Union Administration (NCUA) Office of Inspector General (OIG) also said the review showed “no instances of noncompliance or other matters required to be reported under Government Auditing Standards or OMB Bulletin No. 24-01.”

The outside auditing firm, KPMG, prepared the audit report for the purpose of providing financial information to Treasury and the Government Accountability Office to use in preparing and auditing the Financial Report of the U.S. Government, the NCUA OIG said in a letter to the three NCUA Board members. It said that for purposes of its annual submission into the financial report of the U.S. government, it combined the National Credit Union Share Insurance Fund (NCUSIF), the Central Liquidity Facility (CLF), the Community Development Revolving Loan Fund (CDRLF), and the Operating Fund into the Schedule of Investments and Other Taxes and Receipts.