NCUA’s four funds receive clean 2018 audit

Feb. 15, 2019 -- Today, the NCUA Office of Inspector General announced that the agency’s four funds earned unmodified, or “clean,” audit opinions for 2018. The financial statements, audited by the independent auditor KPMG LLP, cover the National Credit Union Share Insurance Fund, the agency’s Operating Fund, the Central Liquidity Facility, and the Community Development Revolving Loan Fund.

In its audit of NCUA, KPMG found:

  • The financial statements were fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles;
  • There were no material weaknesses in internal controls;
  • There were no significant deficiencies related to internal controls; and
  • No instances of reportable noncompliance with laws and regulations it tested or other matters that are required to be reported under Government Auditing Standards or OMB guidance.

The Inspector General also is required by law to provide a summary statement on management and performance challenges facing NCUA. In that statement, the IG echoed past sentiments by asserting that NCUA must remain vigilant in areas such as cybersecurity, interest rate risk, managing concentration risk, growing performance disparities between large and small credit unions, changing demographics, and increasing competition and continuing consolidation. 

LINK:
NCUA 2018 Financial Statement Audits