Financial Audit: Commodity Credit Corporation's Financial Statements for 1986 and 1985

摘要

The report presents an opinion on the financial statements of the Commodity Credit Corporation for the years ended September 30, 1986 and 1985, and the reports on the Corporation's system of internal accounting controls and on its compliance with laws and regulations. The examination was conducted under the provisions of 31 U.S.C. 9105 and in accordance with generally accepted government auditing standards. Opinions are qualified because the Corporation has not included in its financial statements an allowance for the uncollectible portion of outstanding loans to countries experiencing financial difficulties. It is estimated that cumulative losses as of September 30, 1986, range from $4 to $7 billion on outstanding loans of $14 billion to foreign countries.