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
access to examination Adminis ADMINISTRATION SHARE INSURANCE Administration's agency allocation basis changes in financial Comptroller Credit Union Act CREDIT UNION ADMINISTRATION credit union examination CURRENT ASSETS CURRENT LIABILITIES deferred ended June 30 Federal credit unions financial position FINANCIAL STATEMENTS SHARE fiscal year 1973 fiscal year ended fund at June GAO's opinion grant GAO access income and expense Income from U.S. INSURANCE FUND STATEMENT insured credit unions internal audit LIABILITIES AND RETAINED liquidating credit unions ments months ended June National Credit Union notes following schedule NOTES TO FINANCIAL Operating expenses POSITION FOR FISCAL present fairly principles and standards problem credit unions recommendations related data reports and related RETAINED EARNINGS share insurance fund share insurance premiums State-chartered credit unions STATEMENT OF CHANGES statement of financial statement of income statements is set STATEMENTS Operating fund Supervision fees tion U.S. Government securities U.S. Treasury UNION ADMINISTRATION OPERATING UNION ADMINISTRATION SHARE union examination reports
Popular passages
Page 1 - In our opinion, the financial statements referred to above present fairly the financial position of the various funds of Delaware River Port Authority at December 31, 1987 and the results of its operations and the changes in its financial position for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year.
Page 10 - The financial transactions of the Corporation for any fiscal year during which Federal funds are available to finance any portion of its operations may be audited by the General Accounting Office in accordance with the principles and procedures applicable to commercial corporate transactions and under such rules and regulations as may be prescribed by the Comptroller General of the United States.
Page 10 - ... wholly owned Government corporations by the Government Corporation Control Act, as amended ; and (2) maintain an integral set of accounts which shall be audited annually by the General Accounting Office in accordance with the principles and procedures applicable to commercial transactions as provided by the Government Corporation Control Act, as amended...
Page 17 - Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.
Page 13 - ... effective control over and accountability for all funds, property, and other assets for which the agency is responsible, including appropriate internal audit...
Page 10 - All books, accounts, financial records, reports, files, and all other papers, things, or property belonging to or in use by the...
Page 7 - Board shall disapprove the application of any credit union for insurance of its member accounts if it finds that its reserves are inadequate, that its financial condition and policies are unsafe or unsound, that its management is unfit, that insurance of its member accounts would otherwise involve undue risk to the fund, or that its powers and purposes are inconsistent with the promotion of thrift among its members and the creation of a source of credit for provident or productive purposes.
Page 16 - ... 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 5 - The Administrator, appointed by the President with the advice and consent of the Senate, serves at the pleasure of the President. A National Credit Union Board acts in an advisory capacity to the Administrator. The Board consists of a Chairman, who serves at the pleasure of the President, and one member from each of the six Administration regions, appointed by the President with the consent of the Senate.
Page 10 - May 1973 stated that (1) such access would violate the confidential relationship between the Administration and the Federal credit unions which it supervises and (2) the scope of GAO's authority, in his opinion, does not extend to examination reports. He told us that he had requested a ruling from the Department of Justice on our authority for access to examination reports and related data. Consequently, our report on the results of our examination, issued in September 1973 qualified our opinion...