ALEXANDRIA, Va. – As it puts the final touches on its 2009 financial audit, NCUA is still struggling to finalize the books for 2008 – 13 months after the end of the fiscal year.
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An NCUA spokesman would only say last week that the 2008 audit is not finalized yet and the agency’s auditor, Deloite and Touche, has "met with NCUA management and we are very close."
But sources indicate the two sides have had disagreements over the treatment of the costs of the corporate credit union bailout and its effect on the National CU Share Insurance Fund. The disagreements are expected to result in a qualified opinion for 2008.
Meantime, the spokesman said NCUA is working with a new auditor, KPMG, on its 2009 financials.
