From October 1 to December 31 each year, LAFCU´s "Supervisory Committee" schedules the annual financial statements audit and member account verification as required by the Federal Credit Union Act (FCUA) section 111(b), 12 U.S.C. 1761(b) and National Credit Union Administration (NCUA) rules and regulations sections 715.3 (c)(2-3). To comply with this Act and the NCUA, our Supervisory Committee must hire independent state-licensed certified public accountants (CPA) and auditors to audit LAFCU´s financial statements and verify or cause the verification of members´ passbooks and accounts against the records of the credit union.
The objective of a financial statements audit is to express an opinion as to whether those financial statements of the credit union present fairly, in all material respects, the financial position and the results of its operations and its cash flows in conformity with the general accepted accounting principles (GAAP).
In 2011, LAFCU´s Supervisory Committee hired McGladrey & Pullen, LLP, an independent CPA auditing firm, to perform its financial statements audit and member account verifications. This firm can be reached at 515 Flower Street, 41st Floor, Los Angeles, California 90071, website www.mcgladrey.com, or by phone (213) 330-4800.
As a member of LAFCU, how does this audit affect me?
In order for the CPA firm to complete its audit objectives efficiently, properly, and accurately, LAFCU will request the assistance of some members. You may receive letters and/or correspondence from McGladrey & Pullen, LLP, requesting that you verify your LAFCU share and or loan balances. If you receive this letter, please confirm your balances with your monthly statement records.
Please review, complete, sign and return the letter in the self-addressed envelope provided. If you have any questions or concerns, please contact LAFCU´s Internal Audit Department, c/o P.O. Box 53032, Los Angeles, California 90053-0032, or call our Member Services Department at (877) MY LAFCU (695-2328).