Financial Audit: Commodity Credit Corporation's Financial Statements for 1987 and 1986
AFMD-88-47
Published: Jul 07, 1988. Publicly Released: Jul 07, 1988.
Skip to Highlights
Highlights
GAO reported on the Commodity Credit Corporation's (CCC): (1) financial statements for the years ended September 30, 1987 and 1986; and (2) system of internal accounting controls and compliance with laws and regulations.
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| Commodity Credit Corporation | CCC should give prompt attention to controls over conversions to new automated systems. |
Closed – Implemented
CCC has developed a computerized error listing and has cleared the remaining outstanding errors. As part of the GAO fiscal year (FY) 1989 audit, GAO noted that the systems are functioning adequately.
|
| Commodity Credit Corporation | The Chairman of the Board of Directors, CCC, should direct the Controller, CCC, and the Director of the Kansas City Management Office to ensure that local offices are provided with a monthly listing of unreconciled differences between internal and external sources. |
Closed – Implemented
The Agricultural Stabilization and Conservation Service (ASCS) has directed that reconciliation listings of all unmatched paid checks and unmatched cash be sent to county offices on a periodic basis for corrective action. As part of the GAO FY 1989 audit, GAO noted that timely reconciliations are now being made.
|
| Commodity Credit Corporation | The Chairman of the Board of Directors, CCC, should direct the Controller, CCC, and the Director of the Kansas City Management Office to ensure that local offices' efforts are monitored to resolve the differences in a timely manner. |
Closed – Implemented
ASCS has drafted policy instructing state offices to closely monitor county offices to ensure differences are resolved in a timely manner. Additionally, procedures for national area offices have been enhanced to ensure that state and county offices comply with new reconciliation procedures. As part of the GAO FY 1989 audit, GAO noted that local offices are being monitored and reconciliations made.
|
| Commodity Credit Corporation | The Chairman of the Board of Directors, CCC, should direct the Controller, CCC, and the Director of the Kansas City Management Office to ensure that consideration is given to suspending further conversions to automated systems until problems associated with current implementation efforts are resolved and CCC accounts are accurate and current. |
Closed – Implemented
CCC has established a new policy giving priority to correcting problems associated with current systems and completing projects already underway before starting any new projects, except where new programs require establishing a system. As part of the GAO FY 1989 financial audit, GAO noted that CCC is complying with the policy.
|
Full Report
Office of Public Affairs
Topics
Accounting proceduresCorporate auditsDelinquent loansFederal corporationsFinancial managementFinancial recordsFinancial statement auditsInternal controlsLoan accounting systemsNoncompliance