[Federal Register Volume 78, Number 187 (Thursday, September 26, 2013)]
[Notices]
[Page 59380]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-23482]
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NATIONAL CREDIT UNION ADMINISTRATION
Agency Information Collection Activities: Submission to OMB for
Reinstatement, Without Change, of a Previously Approved Collection;
Comment Request
AGENCY: National Credit Union Administration (NCUA).
ACTION: Request for comment.
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SUMMARY: The NCUA intends to submit the following information
collection to the Office of Management and Budget (OMB) for review and
clearance under the Paperwork Reduction Act of 1995 (Pub. L. 104-13, 44
U.S.C. Chapter 35). This information collection is published to obtain
comments from the public. 12 CFR Part 715 sets forth a credit union's
supervisory committee's responsibility in meeting the audit and
verification requirements of Sections 115 and 202(a)(6) of the Federal
Credit Union Act, 12 U.S.C. 1761d and 1782(a)(6). A supervisory
committee audit is required at least once every calendar year covering
the period since the last audit. Also, a bi-annual verification of
members' accounts is required. Part 715 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.
DATES: Comments will be accepted until October 28, 2013.
ADDRESSES: Interested parties are invited to submit written comments to
the NCUA Contact and the OMB Reviewer listed below:
NCUA Contact: Tracy Crews, National Credit Union Administration, 1775
Duke Street, Alexandria, Virginia 22314-3428, Fax No. 703-837-2861,
Email: [email protected].
OMB Contact: Office of Management and Budget, ATTN: Desk Officer for
the National Credit Union Administration, Office of Information and
Regulatory Affairs, Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT: Requests for additional information, a
copy of the information collection request, or a copy of submitted
comments should be directed to Tracy Crews at the National Credit Union
Administration, 1775 Duke Street, Alexandria, VA 22314-3428, or at
(703) 518-6444.
SUPPLEMENTARY INFORMATION:
I. Abstract and Request for Comments
NCUA is reinstating the collection for 3133-0059. The information
is collected by a credit union's supervisory committee or its
designated representative, through a supervisory committee audit which
is required at least once every calendar year covering the period since
the last audit. 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. The
methods that may be used for member account verifications--100 percent
verification or statistical sampling--are set forth. The supervisory
committee must retain a record of the account verifications. These
requirements are also applicable to federally insured state-chartered
credit unions.
The NCUA requests that you send your comments on this collection to
the location listed in the addresses section. Your comments should
address: (a) The necessity of the information collection for the proper
performance of NCUA, including whether the information will have
practical utility; (b) the accuracy of our estimate of the burden
(hours and cost) of the collection of information, including the
validity of the methodology and assumptions used; (c) ways we could
enhance the quality, utility, and clarity of the information to be
collected; and (d) ways we could minimize the burden of the collection
of the information on the respondents such as through the use of
automated collection techniques or other forms of information
technology. It is NCUA's policy to make all comments available to the
public for review.
II. Data
Title: 12 CFR Part 715, Supervisory Committee Audits and
Verifications.
OMB Number: 3133-0059.
Form Number: None.
Type of Review: Reinstatement, without change, of a previously
approved collection.
Description: The rule 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 that apply to certain audits, and the
accounting principles that must be followed in reports filed with the
NCUA Board.
Respondents: Federally insured credit unions.
Estimated Number of Respondents/Recordkeepers: 6,847.
Estimated Total Annual Responses: 19,988.
Frequency of Response: Audit report--annually; account
verification--bi-annually.
Estimated Burden Hours per Response: Varied.
Estimated Total Annual Burden Hours: 30,295 hours.
Estimated Total Annual Cost: None.
By the National Credit Union Administration Board on September
20, 2013.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2013-23482 Filed 9-25-13; 8:45 am]
BILLING CODE 7535-01-P