Audit

The Public Company Accounting Oversight Board staff released a report Monday on last year's banking crisis.

The auditing giant KPMG audited the three regional banks that failed last year. New York Community's recent disclosures that it had financial reporting weaknesses in 2023 raises new questions over the auditors' role.

Chief Audit Officer Denise DeMaio will join Truist from MUFG, while Chief Information Security Officer Howard Whyte has experience at Boeing, Goldman Sachs and the FDIC.

Credit unions have been encouraged to help members in a prudent and fair manner but that also means properly documenting the decision-making process.

A new report from the National Credit Union Administration's Office of the Inspector General outlines what to expect in the year ahead following some 2019 scandals.

The association filed a comment letter urging FASB to delay CECL implementation for all banks, while asking a key accounting group to support its effort.

The Credit Union Internal Auditors Association is set to merge into the Association of Credit Union Internal Auditors.

The National Credit Union Administration board was also briefed on a final interagency rule regarding private flood insurance during its regular monthly meeting.

At the recent CU Leadership Conference in Las Vegas, credit union representatives offered their ideas for the next round of reg relief.

KPMG has been the bank's auditor since 1931. Critics say it's time for a change.