Examination Bill of Rights
Credit Union Examination Rights “Credit union officials have the right to defer to their certified public accountant (CPA) in a disagreement between the officials and their regulator regarding issues related to U.S. generally accepted accounting principles.” NCUA Examiner’s Guide (NEG) pages 5A-4 and 7-28 Commentary: CUs over $10 million in assets are required to follow GAAP with a CUs CPA responsible for ensuring that the activities and financial statements are in compliance with GAAP. Therefore, to avoid becoming involved in specific accounting issues, an examiner should not seek to override the CU’s CPA when disagreements on accounting issues arise. Such practice will benefit not only the credit union but also the examiner by freeing up its resources.