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Financial Audit: Federal Crop Insurance Corporation's Financial Statements for 1986 and 1985

AFMD-87-36 Published: Jun 12, 1987. Publicly Released: Jun 12, 1987.
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Highlights

GAO examined the financial statements of the Federal Crop Insurance Corporation (FCIC) for the years ended September 30, 1986 and 1985.

Recommendations

Recommendations for Executive Action

Agency Affected Recommendation Status
Federal Crop Insurance Corp. The Manager and Comptroller, FCIC, should obtain the date of loss from the reinsured companies and modify the accounting system to report losses on a FY basis.
Closed – Implemented
FCIC now obtains the date of loss from reinsured companies and reports losses on a FY basis.

Full Report

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Topics

Accounting proceduresAccounting systemsClaims settlementCorporate auditsFinancial managementFinancial recordsFinancial statement auditsInsurance claimsInsurance lossesInternal controlsOverpayments