81 FR 114 pgs. 38737-38738 - Agency Information Collection Activities: Proposed Collection; Comment Request; Supervisory Committee Audits and Verifications
Type: NOTICEVolume: 81Number: 114Pages: 38737 - 38738
Pages: 38737, 38738FR document: [FR Doc. 2016-13949 Filed 6-13-16; 8:45 am]
Agency: National Credit Union Administration
Official PDF Version: PDF Version
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NATIONAL CREDIT UNION ADMINISTRATION
Agency Information Collection Activities: Proposed Collection; Comment Request; Supervisory Committee Audits and Verifications
AGENCY:
National Credit Union Administration (NCUA).
ACTION:
Notice and request for comment.
SUMMARY:
NCUA, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on a reinstatement of a previously approved collection, as required by the Paperwork Reduction Act of 1995 (Pub. L. 104-13, 44 U.S.C. Chapter 35).
DATES:
Written comments should be received on or before August 15, 2016 to be assured consideration.
ADDRESSES:
Interested persons are invited to submit written comments on the information collection to Dawn Wolfgang, National Credit Union Administration, 1775 Duke Street, Alexandria, Virginia 22314-3428; Fax No. 703-519-8579; or Email at PRAComments@NCUA.gov .
FOR FURTHER INFORMATION CONTACT:
Requests for additional information should be directed to the address above.
SUPPLEMENTARY INFORMATION:
OMB Number: 3133-0059.
Title: Supervisory Committee Audits and Verifications, 12 CFR part 715.
Abstract: Title 12 CFR part 715 prescribes the responsibilities of the supervisory committee to obtain an audit of the credit union and verification of member accounts as outlined in Section 115 of the Federal Credit Union Act (Act), 12 U.S.C. 1761d. A supervisory committee audit is required at least once every calendar year covering the period since the last audit and to conduct a verification of members' accounts not less frequently than once every two years. The Act specifies the minimum annual audit a credit union is required to obtain according to its charter type and asset size, the licensing authority required of persons performing certain audits, the auditing principles which apply to certain audits, and the accounting principles which must be followed in reports filed with the NCUA Board.
The information is used by both the credit union and the NCUA to ensure through audit testing that the credit union's assets, liabilities, equity, income, and expenses exist, are properly valued, controlled and meet ownership, disclosure and classification requirements of sound financial reporting.
A written report on the audit must be made to the board of directors and, if requested, NCUA. Working papers must be maintained and made available to NCUA. Independence requirements must be met; standards governing verifications and the methods used to verify member's passbooks and accounts are set forth. Section 741.202 makes these requirements applicable to federally insured state-chartered credit unions.
Type of Review: Extension of a previously approved collection.
Affected Public: Private Sector: Not-for-profit institutions.
Estimated No. of Respondents: 6,025.
Estimated No. of Responses per Respondent: 3.42.
Estimated Annual Responses: 20,600.
Estimated Burden Hours per Response: 1.88.
Estimated Total Annual Burden Hours: 38,693.
Adjustments in the number of credit unions reflect a decrease from the previous submission and recordkeeping requirements associated with the membership verification, previously omitted, are now included in this request.
[top] Request for Comments: Comments submitted in response to this notice will be summarized and included in the
By Gerard Poliquin, Secretary of the Board, the National Credit Union Administration, on June 8, 2016.
Dated: June 8, 2016.
Dawn D. Wolfgang,
NCUA PRA Clearance Officer.
[FR Doc. 2016-13949 Filed 6-13-16; 8:45 am]
BILLING CODE 7535-01-P