The financial statements of the NCUA's four main funds are presented fairly, but there are serious difficulties in the agency's financial accounting, according to an independent audit released on May 16.
The audit by KPMG found that the reports of the NCUA's operating fund, the Central Liquidity Facility, the community development revolving loan fund and NCUSIF "present fairly, in all material respects" of their financial positions.
But the report found a significant deficiency in the agency's financial accounting for its operating fund, including problems by management to provide key documentation related to property and equipment, a lack of efficiency in recordkeeping and financial close procedures, and a lack of documentation of activities aimed at confirming journal entries documenting that certain transactions were made as approved.
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