ARLINGTON, Va.—NAFCU has expressed its general support for NCUA's proposed rulemaking on supervisory committee audits and verifications, thanking the agency for its "commitment to providing supervisory committees flexibility in performing their audit duties."
Kaley Schafer, NAFCU's regulatory affairs counsel, said the association was supportive of the following provisions within the proposal:
- Removal of the "report on examination of internal controls over call reporting" alternative audit option
- Removal of the 120-day language in engagement letters to outside compensated auditors regarding the required written report
- The flexible and streamlined Appendix A to Part 715 alternative audit option
Additional Request
In addition, Schafer asked the agency to preserve the Supervisory Committee Guide to allow credit unions to continue to access it as a resource, and to not include any additional areas of review in Appendix A at this time.
Credit unions with more than $500 million in assets are required to obtain an annual independent audit of their financial statements; credit unions under the current threshold have the choice of alternative audit options.
"NAFCU appreciates any regulatory relief for supervisory committee members allows the fulfillment of statutory duties in an efficient manner," Schafer said.
As CUToday.info earlier reported here, CUNA has also weighed in with its response.