Financial Audit:

Commodity Credit Corporation's Financial Statements for 1988 and 1987

AFMD-89-83: Published: Aug 4, 1989. Publicly Released: Aug 4, 1989.

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Pursuant to a legislative requirement, GAO reviewed the Commodity Credit Corporation's (CCC): (1) financial statements for the fiscal years ended September 30, 1988 and 1987; and (2) internal accounting controls and compliance with laws and regulations for the year ended September 30, 1988.

GAO found that: (1) except for the effects of not establishing an allowance to reflect the amounts of estimated losses on foreign country loans and loan guarantees and the effects of including accrued interest on delinquent loans as an asset, the financial statements presented fairly, in all material respects, the CCC financial position as of September 30, 1988 and 1987, the results of its operations, and its cash flows for the years then ended, in conformity with generally accepted accounting principles; (2) CCC internal controls did not ensure that CCC timely corrected potential errors, but it has taken steps to correct this weakness; and (3) CCC complied with applicable laws and regulations for the transactions tested that could have materially affected its financial statements.

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