Navy Federal Credit Union 2010 Annual Report Download - page 10

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10
TWENTY
2010 Annual Report 15
2010 Annual Report 15
Navy Federal Credit Union
14
The Supervisory Committee, in compliance with the Federal Credit Union Act and Navy Federal’s bylaws,
independently evaluates the soundness of Navy Federal’s operations and activities. The Committee
helps ensure that management protects and safeguards assets by implementing sound internal controls,
and by maintaining practices and procedures that complement generally accepted accounting principles.
The committee also ensures that Navy Federal’s audited financial statements provide a fair and accurate
representation of Navy Federal’s financial condition.
The Supervisory Committee employs the independent accounting firm of PricewaterhouseCoopers LLP
(PwC) to assist in meeting its responsibilities, and meets regularly with PwC to evaluate audit results and
plan future audit work. PwC conducts quarterly procedures related to selected operations, and performs
a comprehensive audit of the credit union’s year-end financial statements. PwC’s year-end audit, The
Report of Independent Auditors, appears in this Annual Report.
Acting as your ombudsman, the Supervisory Committee assures that all Navy Federal members are
heard by maintaining open communication with them. Throughout the year, the committee reviews
and responds in writing to all letters and e-mails it receives from the membership. This arrangement
benefits both the membership and the management of Navy Federal because individual concerns are
addressed on a personal basis, and members’ comments help ensure that Navy Federal maintains the
highest level of service to its members.
Based on the results of the quarterly audit procedures and the Report of Independent Auditors, it is
the opinion of the Supervisory Committee that Navy Federal continues to be financially strong and
well-managed, with sound policies and programs.
Sincerely,
Michael C. Wholley
Chairman
Edward R. Cochrane Jr. Cynthia A. Covell
Michael C. Wholley Terry J. Benedict
Chairman
S
UPERVISORY
C
OMMITTEE
Report from the
Neil W. T. Hogg