Report to the Congress: Examination of Financial Statements of the National Credit Union Administration for the Periods Ended June 30, 1971 and 1972 Limited by Restriction on Access to Credit Union Examination Records
1973 - 32 pages
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access to examination accounts action Adminis Administration's adverse agency allocate amended amounts annually apply areas assets authority basis believe benefits changes in financial charges charter Comptroller Congress contains costs Credit Union Act CREDIT UNION ADMINISTRATION credit union examinations CURRENT deferred determine develop effective ended June 30 equipment established estimate examination reports Federal credit unions financial condition financial position fiscal year 1972 fiscal year ended GAO report GAO's opinion granted income and expense INSURANCE FUND STATEMENT insured credit unions integral January liability liquidated ments methods months ended June NATIONAL CREDIT UNION notes following schedule obtain Office operating expenses operating fund periods present fairly principles problem credit unions procedures qualify receivable recognized recommendation records regular related data reports and related respectively responsibilities restricted result RETAINED EARNINGS scope share insurance fund share insurance premiums standards STATEMENT OF INCOME statements is set tion U.S. Treasury United
Page 17 - 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, 1985 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 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 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 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 2 - ... of the Corporation which may significantly affect its financial operations and condition. For example, the efforts and reports of the Corporation's examination division constitute an essential and integral part of the management of the Corporation. The reports of the examination division sometimes contain opinions, conclusions, and recommendations of vital importance to the conduct of the Corporation's affairs.
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...