The NCUA is engaged with two audit firms to ensure transparency of the agency's financial statements in full compliance with new accounting rules, Chairman Debbie Matz announced today.
Speaking at the Illinois Credit Union League's Annual Convention in Chicago, Matz said, "NCUA has been working diligently with two independent firms to ensure that the agency's financial statements will be presented with complete accuracy and transparency. This is a vital concern for credit unions, consumers, and all other stakeholders."
Her comments were intended to "put an end to unfounded speculation over why NCUA's audits have been delayed. The delay is in no way related to the health of the National Credit Union Share Insurance Fund."
Matz blamed the delays on new accounting rules and the corporate stabilization fund. "Shortly after NCUA established the Corporate Stabilization Fund, the accounting profession issued new rules governing the presentation of commercial financial statements. To this day, accountants still have differences of opinion about how to interpret the new rules, and about whether or not they apply to federal regulators."
According to the NCUA, the agency has changed audit firms every three years, accounting for the different firms for 2008 and 2009. The results are expected out in "the next several weeks."