Financial Audit:

Auditing Use of OMB's Credit Subsidy Model

AIMD-97-155R: Published: Aug 29, 1997. Publicly Released: Aug 29, 1997.

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Pursuant to a legislative requirement, GAO provided audit procedures to assist federal credit agencies in using the Office of Management and Budget's (OMB) Credit Subsidy Model (CSM) to calculate credit subsidies for federal direct loan and loan guarantee programs.

GAO noted that: (1) with the assistance from the Federal Audit Executive Council, credit agencies' inspectors general, representatives of the Governmentwide Credit Reform Subgroup, and OMB's credit reform staff, GAO prepared a list of supplemental audit procedures to help provide assurance that federal credit agencies are using the CSM properly; and (2) these audit procedures should be used in conjunction with more comprehensive guidance on auditing credit reform subsidy estimates found in a draft issue paper prepared by the Governmentwide Credit Reform Subgroup, which is expected to be issued during fiscal year 1998.

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