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