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Followup on Actions Needed To Protect Depositors at Federally Examined Grain Warehouses

RCED-83-159 Published: Jul 18, 1983. Publicly Released: Jul 28, 1983.
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Highlights

Pursuant to a congressional request, GAO provided information on actions taken by the Department of Agriculture (USDA) in response to recommendations contained in a 1981 GAO report.

Recommendations

Recommendations for Executive Action

Agency Affected Recommendation Status
Department of Agriculture Although USDA has made changes in its financial reporting regulations, USDA should revise its regulations to require that federally examined warehouses submit annual financial statements accompanied by an audit report prepared by an independent certified public accountant or independent public accountant.
Closed – Implemented
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

Full Report

Full Report (34 pages)

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Topics

Auditing and Financial Management
Agricultural productsBankruptcyFarm income stabilization programsFinancial analysisFinancial recordsInspectionReporting requirementsWarehouse facilitiesFinancial statementsAgricultural commodities