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GGD-81-22 1 (1981-01-28)

handle is hein.gao/gaobabbnb0001 and id is 1 raw text is: BY THE COMPTROLLER GENERAL Report To The Governor, Farm Credit Administration OF THE UNITED STATES How The Farm Credit Administration Can Improve Its Use Of Auditing The cooperative Farm Credit System holds about one third of the Nation's total farm debt. Its supervisory body, the Farm Credit Administration, has recognized the need for independent internal review of its management activities, but it has not gone far enough in encouraging its use. 114322 GAO believes that the Farm Credit Adminis- tration should establish a qualified, perma- nent, independent internal audit unit, rather than continue its present use of part-time internal auditors. The Administration should also encourage development of internal audit- ing within Farm Credit System banks. The Administration does not employ an inde- pendent external auditing firm to review its financial statements; such a review ismadeby its Office of Examination. The Office of Ex- amination's position, as a component of the supervisor of the system being audited, leaves its independence open to question. The Farm Credit Administration should use external auditors to ensure that its financial examina- tion procedures are in conformance with gen- erlly accepted auditing standards. G 1 N C ( ' n N ' . G G D 8 1 -2 2 JANUARY 28, 1981

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