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AFMD-85-18 1 (1985-09-30)

handle is hein.gao/gaobabfjd0001 and id is 1 raw text is: BY THE COMPTROLLER GENERAL Report To The Congress OF THE UNITED STATES Reviews Of The Audits Of The Financial Statements Of The National Credit Union Administration's Operating And Share Insurance Funds For The Year Ended September 30,1983 GAO audited the fiscal year 1983 financial statements of the National Credit Union Administration's Operating and Share Insurance Funds by reviewing the independent certified public accountants' work and reports. Except for not mentioning the absence of a statement of changes in financial position for the Share Insurance Fund, GAO found nothing to indicate the opinions of the certified public accountants are inappropriate or cannot be relied on. The Share Insurance Fund did not follow generally accepted accounting principles in accounting for the cumulative effect of a change in providing for estimated losses from supervised credit unions. In addition, the certified public accountants were unable to satisfy themselves as to the amount of both the provision for losses from supervised credit unions, and the provision for estimated losses on asset and merger guarantees. In the opinion of the Administration's independent certified public accoun- tants, except for the qualifications mentioned in the previous paragraph, the financial statements present fairly the Funds' financial positions as of September 30, 1983, the results of their operations, and the changes in their financial positions for the year then ended, in conformity with generally accepted accounting principles applied on a consistent basis. 128169 , 'E' D S 74, z GAO/AFMD-85-18 SEPTEMBER 30,1985 lCou '

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