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Commodity Credit Corporation’s Financial Statements for Fiscal Years 2019 and 2018

Report Information

Date Issued
Report Number:
Report Type
Commodity Credit Corporation
This report presents the results of the audits of Commodity Credit Corporation’s (CCC) financial statements for the fiscal years ending September 30, 2019 and 2018. The report contains an unmodified opinion on the financial statements, as well as an assessment of CCC’s internal controls over financial reporting and compliance with laws and regulations.
Joint Report
Agency Wide
No (location specific)

United States

Questioned Costs
Funds for Better Use


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.