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How the Farm Credit Administration Can Improve Its Use of Auditing

GGD-81-22 Published: Jan 28, 1981. Publicly Released: Jan 28, 1981.
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Highlights

The Farm Credit Administration (FCA) is given the authority to supervise and coordinate the activities of the cooperative Farm Credit System. An evaluation was performed of the use of auditing by FCA and its support of the use of auditing within the System.

Recommendations

Recommendations for Executive Action

Agency Affected Recommendation Status
Federal Farm Credit Board The Federal Farm Credit Board should direct the Governor of FCA to provide leadership to the FCS to develop a set of professional internal auditing standards which will provide a basis for a more thorough evaluation of internal audits by both FCA and bank management as well as encouraging professionalism within bank internal audit units.
Closed
Please call 202/512-6100 for additional information.
Federal Farm Credit Board The Federal Farm Credit Board should direct the Governor of FCA to furnish active, consistent support for the FCS Internal Auditors' Conference.
Closed
Please call 202/512-6100 for additional information.
Federal Farm Credit Board The Federal Farm Credit Board should direct the Governor of FCA to require that the Office of Examination reports to a bank's Board of Directors comment on the quality of the internal auditing system.
Closed
Please call 202/512-6100 for additional information.
Federal Farm Credit Board The Federal Farm Credit Board should direct the Governor of FCA to monitor the implementation of the revised internal control policy to insure that independent bank internal audit functions are maintained.
Closed
Please call 202/512-6100 for additional information.
Farm Credit Administration The Governor of FCA should augment his financial examination efforts by using external auditors to ensure that financial examination procedures are in conformance with generally accepted auditing standards.
Closed
Please call 202/512-6100 for additional information.
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Topics

Auditing and Financial Management
Audit oversightAuditing proceduresAuditing standardsFarm credit banksFinancial managementStandards evaluationFarm creditGovernment auditing standardsInternal auditingInternal auditors