Financial Audit:

Rural Electrification Administration's Financial Statements for 1988 and 1987

AFMD-90-73: Published: Jun 13, 1990. Publicly Released: Jun 13, 1990.

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GAO provided its opinion on the Rural Electrification Administration's (REA) financial statements for the fiscal year ended September 30, 1988.

GAO found that the REA financial statements presented fairly its financial position as of September 30, 1988, and the results of its operations and cash flows for the year then ended, in conformity with generally accepted accounting principles. GAO also found that: (1) REA needed to update its methodology for estimating its loss provision for loans and guarantees; (2) REA lacked adequate procedures for transferring borrower monitoring responsibility; (3) REA inappropriately continued to recognize interest revenue on delinquent loans; (4) REA monitoring controls did not provide conclusive assurance that employees properly processed purchase orders and invoices; (5) REA did not meet the $933,075,000 minimum amount of rural electric loan guarantee commitments authorized for fiscal year 1988, resulting in REA not making loans or grants from the the rural economic development subaccount; and (6) an independent accountant made recommendations to REA to correct its internal accounting control weaknesses.

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  • auditing icon, source: PhotoDisc

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