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CED-78-91 1 (1978-04-14)

handle is hein.gao/gaobaaxbt0001 and id is 1 raw text is: DOCUMtENT RESUME 0567e - (B11460921 Audit of Ccamodity Cr.dit Corporation for Fiscal Year 1977. CED-78-91; B-114824. April 14, 1976. 3 pp. * 6 enclcsures (15 pp.). Report to the Congress; by Elmer B. Staats, Comptroller General. Issue Area: AccountAng and Financial Reporting (201). Contact: Community and Economic Development Div. Budget Function: Agriculture: Earm Income StabilizatioL 1351). Orqanization concerned: Department of Agriculture; Commc.ity Credit Corp. Congressional Relevance: House Committee on Agriculture; Senate Committee on Agriculture, Putrition, P-d Fct stry; Ccngress. Authority: GovernueLt Corporation Control act 131 U.S.C. 811). Aqicultural Trade Development and Assistance Act of 1954 (P.L. (831-480; 7 U.S.C. 1691). An examination o. the financial statements of the Commodity Credit Corporation ni the Department of agriculture was directed primarily at their reliatil'ty and usefulness. Except as noted, the eximination eas sad% in accordance %ith qenerally acceptad auditing standazds and included tests of the accounting records and other auditing procedurEs that we,.e considered practicable and re~sonanle. Because of thq uniqueness and scope of the Corporatinlls operations, it was not practicable to perform all examination and verif.ication steps necessary to reach an overall opinion on the accuracy dnd fairness of the Corporation's statemer*-;,s of Septemter 33, 1977, and the results of its operaicn,.i Icr the year then ended. Findings/Conclusions: The Corporation reirjted a total realized loss of $824 million for fiscal year 1977. This loss, reimbursable through appropriations, %as 5222 million more than that for fiscal year 1976. The results of operations for fiscal year 1977 did not include costs of $1.3 billion to te recoveLed through special appropriations and collections frcm foreign qovernmonts. it September 30, 1977, pxice-support and storage facility loans made to farmers at the county level totaled about S420 million; documentation lags resulted in a S45 million understatement of total assets and liatiiities, Because cf a problem with receiving prompt responses and reconciling differences, confirmation of accounts and notes receivable 4as omitted, as was an independent verification of commodities in the Corporation's inventory and those stored as collateral for loans. The reasonableness of the Corporation's allcwances for losses on disposition of price-support inventories or loans was also not verified. (BRS)

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