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093546 1 (1974-03-20)

handle is hein.gao/gaobacxfn0001 and id is 1 raw text is: S- 0i oi O1 73Sq6 UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON REGIONAL OFFICE FIFTH FLOOR 803 WEST BROAD STREET FALLS CHURCH, VIRGINIA 22046 MAR 2 0 1974 Mr. Carroll Smith Assistant Administrator for Administration National Credit Union Administration 2025 11 Street, NW. DL Washington, D.C. 20036 1.1 (- V -ao D4,j vo~ Dear Mr. Smith. In the course of our recently completed audit of the Administration, we saw at first hand the progress that has been made in improving your financial operations and the constructive follow-through on our suggestions of last year. The creation of an internal audit capability should benefit the Administration and will be helpful to us in next year's work We will be in touch with you in the near future to work out plans for the 1974 audit in which we hope to place as much reliance as possible on the work oi the internal auditors. We thought it would be useful to summarize for you observations developed during the fiscal year 1973 examination and not included in our report to Congress. These matters have been discussed with Office of Financial Management personnel and their comments have been considered in our presentation. At June 30, 1973, the issues presented below involved amounts that did not have a material effect upon the fairness of your financial presen- tation. It is conceivable that with an expanding program these issues could take on greater significance Therefore, it would be advantageous to develop the appropriate accounting procedures at this time. We are offering the following suggestions as a oasis for moving towards resolu- tion of these matters in advance of our next audit. Valuation of receivables Under repurchase agreements the Administration has acquired assets fiom liquidating credit unions and included them on its financial state- ments at full cost of $25,090. These assets consisted primarily of loans receivable. We discussed the collectibility of the loans with the Director of Financial Management and were informed that it is doubtful the full amount -7 /~s Y 0 l3yqc,

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