Stabilization Fund Earns Clean 2011 Audit
KPMG Issues Unqualified Opinion to NCUA for Second Year in a Row
The National Credit Union Administration (NCUA) released the 2011 audited financial statements for the Temporary Corporate Credit Union Stabilization Fund (Stabilization Fund) today. KPMG LLP, the independent firm that audits the Stabilization Fund’s books, issued an unqualified audit opinion with no reportable findings.
“For the second year in a row, NCUA has received a clean audit opinion for the Stabilization Fund from our independent auditor,” said NCUA Board Chairman Debbie Matz. “As a regulator of financial institutions, NCUA is committed to producing financial reports of the highest quality year after year for each of our funds. KPMG’s determination that we achieved this standard for the Stabilization Fund in 2011 is, therefore, very welcome news.”
“With the necessary processes and procedures now in place, we can expect a more timely audit for the Stabilization Fund in 2012,” added Chairman Matz.
NCUA posted the 2011 audited financial statements of the agency’s four permanent funds Feb. 16, 2012. To view the Stabilization Fund’s 2011 audited financial statements go to: http://www.ncua.gov/about/Leadership/CO/OIG/Pages/AuditRpt2012.aspx.