A self-initiated audit of the NCUA's Asset Management and Assistance Center said the AMAC's reconciliation efforts with the Department of Justice puts the NCUA at risk for not collecting restitution payments in full, according to an Office of Inspector General report released Feb. 9.
The audit was conducted in order to determine whether the NCUA's AMAC had effective policies, procedures, and resources in place to recover money owed from restitution orders and assess the internal control environment over the AMAC's restitution order process.
The OIG ascertained that the AMAC adequately documents restitution orders and receipt of restitution payment. However, AMAC management could improve the restitution orders process by following up with and assisting the DOJ to potentially improve collections and confirm accuracy when accounting for restitution orders owed to liquidation estates, according to the report.
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