Improvements Needed in the Accounting and Financial Management of the National Credit Union Administration
AFMD-82-21
Published: Dec 16, 1981. Publicly Released: Dec 16, 1981.
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Highlights
During a recent examination of the National Credit Union Administration's (NCUA) 1980 financial statements, GAO tested the NCUA internal controls and the manner in which its accounting functions were performed.
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| National Credit Union Administration | The Chairman of the Board of the National Credit Union Administration (NCUA) should take additional steps to further strengthen the NCUA accounting and financial management by directing management to: (1) establish policies and procedures to monthly reconcile the NCUA cash accounts with U.S. Treasury records; (2) follow the stated policy of inventorying fixed assets biannually, preferably taking one of the inventories at the close of the fiscal year; (3) review loans acquired from failed credit unions and write off loans determined to be uncollectible; (4) follow up on the NCUA efforts to convert unclaimed shareholders' moneys from an insured to a noninsured status; (5) adhere to the procedures for recording interest income on the accrual basis; and (6) prescribe procedures to record interest income waived on financial assistance loans and investments and provide full disclosure in the financial statements for material amounts of interest waived. |
Closed – Implemented
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
|
| National Credit Union Administration | The Chairman of the Board of the National Credit Union Administration should direct management to: (1) improve procedures to strengthen internal controls, including separation of duties over the audit, approval and certification of payments of commercial bills, and travel vouchers; and (2) establish controls and procedures to ensure that pertinent employee personnel file information is provided to the General Services Administration on payroll operations. |
Closed – Implemented
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
|
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Topics
Accounting systemsCash managementCredit unionsInternal controlsInventoriesLoansPaymentsPayroll recordsReports managementFinancial statements