Examination of Financial Statements of the National Credit Union Administration, Limited by Restriction on Access to Credit Union Examination Records: Report to the Congress by the Comptroller General of the United States |
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Common terms and phrases
acquired from liquidating agencies allowance for doubtful asset recoveries assets acquired changes in financial closed credit unions Comptroller Credit Union Act Credit Union Adminis Credit Union Administration Credit Union Administration's credit union examination credit union shareholders CURRENT ASSETS CURRENT LIABILITIES direct purchase program doubtful accounts ended June 30 Federal credit unions financial expenses financial statements fiscal years 1976 FISCAL YEARS ENDED FUND COMPARATIVE STATEMENT GAO's notes following GAO's opinion income and expense insurance payments insured credit unions insured State-chartered credit internal audit involuntary liquidation LIABILITIES AND RETAINED liquidating agent liquidating credit unions liquidation expense loans acquired NATIONAL CREDIT UNION notes following schedule NOTES TO FINANCIAL payments to credit problem credit unions program experience recommendations retained earnings share insurance fund Share insurance premiums State-chartered credit unions statement of financial STATEMENT OF INCOME Supervision fees supp tion U.S. General Accounting U.S. Government securities U.S. Treasury uncollectable loans Union Act 12 unrestricted access
Popular passages
Page 5 - Corporation pertaining to its financial transactions and necessary to facilitate the audit, and they shall be afforded full facilities for verifying transactions with the balances or securities held by depositaries, fiscal agents, and custodians.
Page 15 - ... included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances and appropriate in view of the effectiveness of the system of internal control and the work performed by the Corporation's internal auditors.
Page 8 - Review appraises, reviews and reports on the extent and nature of Internal compliance with management's policies, plans and procedures as well as with applicable legal and external regulatory requirements.
Page 10 - ... loans to the same students. Adequate experience data is therefore not available for determining the costs on which fee justifications can be based for second and subsequent loan, placements and for conversions of loans. Since the justifications for these fees are not based on actual cost experience, we are unable to express an opinion as to the reasonableness of the proposed maximum fee of $35 for placement of student loans and of $35 for conversion of the student's loans to a repayment status...
Page 8 - Office policies, plans, and procedures; and reviewing the operation of the system of management controls over operations and resources to ascertain whether they are functioning In accordance with their design and in a manner which promotes effective, efficient, and economical Office operations.
Page 16 - ... insurance. In so qualifying our report, we stated that because our access to examination reports and related documentation on insured credit unions was restricted, we could not determine (1) if credit union examinations were of sufficient scope and could be relied on to identify problem credit unions, (2) whether the Administration had taken effective followup action on findings revealed by the Administration's examiners, and (3) the significance of any possible adverse effect of problem credit...