Credit union executives interested in learning about the implications of the outside audits of the NCUA released last month can sign up for Thursday's webinar sponsored by the consulting firm Callahan & Associates.
"Today, the single, largest expense credit unions collectively bear for the system is insurance premium assessments by the NCUA," said Callahan & Associates President/CEO Chip Filson, a former top official at the NCUA.
"Every credit union's income statement is directly affected by the NCUA's management of the NCUSIF and CLF. While the NCUA has provided a brief overview, there hasn't been a presentation or traditional 'management discussion' on these audit findings," he added.
The audits of 2008 and 2009 found the funds administered by the agency an unqualified audit, which means auditors believe that the agency followed accounting rules properly and the reports represent the funds' financial condition. However, the auditors found material weaknesses in the reporting and accounting methods.
The webinar, which will be conducted by Filson and Callahan Executive Vice President Jay Johnson, will take place at 4:00 ET, on Thursday. To register, go to:
www.CreditUnions.com/AuditReports or call Marissa McGee at (800) 446-7453.