Review of the National Credit Union Administration Central Liquidity Facility's Financial Statements for the Year Ended September 30, 1981

AFMD-82-117: Published: Oct 5, 1982. Publicly Released: Oct 5, 1982.

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The National Credit Union Administration Central Liquidity Facility (CLF) was established by Congress in 1978 to improve general financial stability by meeting the liquidity needs of credit unions. Federal law requires the Comptroller General to audit CLF under such rules and regulations that are deemed applicable. However, for fiscal year 1981 a private certified public accounting firm audited and rendered an opinion on the CLF financial statements.

To avoid duplication and unnecessary expense and to make the best use of limited resources, GAO reviewed and relied on the work of the independent certified public accountant. GAO stated that this approach provided a reasonable and cost-effective means of assuring Congress that the financial activities of the CLF were fairly presented. GAO tested the workpapers and audit report to ensure that: (1) the CLF financial statements were prepared in accordance with generally accepted accounting principles; (2) the audit was performed in accordance with generally accepted auditing standards; and (3) the independent auditor had established the necessary policies and procedures to comply with other applicable professional standards. GAO found nothing to indicate that the independent auditor's opinion of the CLF financial statements could not be relied upon. Therefore, the opinion was submitted to Congress along with the CLF financial statements.

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