ALEXANDRIA, Va. – NCUA continues to delay release of its annual audit for 2008 as the agency grapples with accounting for the huge losses in the corporate system accruing to the National CU Share Insurance Fund.
The continued struggles with the 2008 books comes as NCUA and most entities are preparing to release their 2009 financials.
The agency’s auditor, Deloitte and Touche, has yet to sign off on the 2008 financials, causing some embarrassment at the federal agency, as it begins to review audited financials for credit unions for 2009. Disagreements with the auditor are expected to result in a qualified opinion for 2008.
"Recent changes to accounting standards, their application to Federal regulators, and the creation of the Corporate Stabilization Fund, have prompted NCUA and the audit firms involved to take additional time to prepare and finalize the report,” said John McKechnie, chief spokesman for the agency, of the 2008 financials. “NCUA continues to work with the auditors in an effort to release the report as soon as possible.”
NCUA has changed auditors for its 2009 financials to KPMG.
