Financial Audit:

Commodity Credit Corporation's Financial Statements for 1986 and 1985

AFMD-87-43: Published: Jun 22, 1987. Publicly Released: Jun 22, 1987.

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GAO reported on the Commodity Credit Corporation's (CCC): (1) financial statements for the years ended September 30, 1986 and 1985; and (2) system of internal accounting controls and compliance with laws and regulations.

GAO found that CCC: (1) did not include in its financial statements an allowance for the uncollectible portion of $14 billion in outstanding loans to countries experiencing financial difficulties; and (2) had estimated cumulative losses ranging from $4 billion to $7 billion on those outstanding loans as of September 30, 1986. GAO also found that: (1) the financial statements presented fairly the financial position of CCC as of September 30, 1986 and 1985, and the results of its operations and the changes in its financial position for the years then ended, in conformity with generally accepted accounting principles applied on a consistent basis; (2) internal accounting controls and procedures had several weaknesses that were not material to CCC financial statements; and (3) there was no evidence of CCC noncompliance with applicable laws and regulations.

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