Commodity Credit Corporation’s Financial Statements for Fiscal Years 2019 and 2018
Implement effective processes, procedures, and controls to ensure undelivered and delivered orders, accrued liabilities, and accounts receivable are accurately recognized for newly enacted programs, such as the MFP. Further, when new programs are implemented, CCC should develop manual monitoring procedures to compensate for system weaknesses during the year of implementation, if such weaknesses exist.
Implement additional controls to ensure that all relevant general ledger accounts are included in the SF-132 reconciliations to prevent, detect, or timely correct misstatements in the consolidated financial statements.
Implement consistent monitoring procedures and enhance policies and controls related to the assessment of new sites or changes in current sites to determine if recognition and disclosure requirements are met.
Implement sufficient and effective funds controls to ensure obligations and disbursements are valid, recorded for the appropriate amount, and do not exceed the amount apportioned. Also, CCC needs to implement policies and procedures to prevent future violations and when necessary, obtain additional apportionment prior to recognizing the obligation.