The Chief Financial Officers Act of 1990 requires the Inspector General to audit the agency’s financial statements each year, which is intended to help improve an agency’s financial management and controls over financial reporting. The auditors issued a disclaimer of opinion, as they were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion because of errors identified in the underlying data used to calculate the subsidy re-estimates for the direct loan and loan guaranty programs. In the Report on Internal Control over Financial Reporting, the auditors identified one material weakness and two significant deficiencies in internal control over financial reporting. In the Report on Compliance and Other Matters, the auditors’ testing did not identify instances of noncompliance or other matter to be reported. Seventeen recommendations were made to FSA to address the internal control findings. (See page 184 for the audit)
United States
