USDA IG Audit: 'Federal Crop Insurance Corporation/Risk Management Agency's Financial Statements for FY 2023 & 2022'

WASHINGTON, Nov. 14 (TNSrep) -- The Agriculture Inspector General issued the following audit report (No. 05401-0015-11) on Nov. 8, 2023, entitled "Federal Crop Insurance Corporation/Risk Management Agency's Financial Statements for Fiscal 2023 and 2022."

Here are excerpts:

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OBJECTIVE

The objectives of our audits were to review the FCIC/RMA's financial statements for fiscal years 2023 and 2022. Specifically, we determined whether: (1) the financial statements present information fairly, in all material respects, and in accordance with generally accepted accounting

principles; (2) FCIC/RMA met the internal control objectives over financial reporting; (3) the agency complied with applicable laws and regulations; and (4) information presented was materially consistent with the financial statements.

REVIEWED

We conducted our audits on information relevant to the audit objectives as obtained through systems or from officials and personnel located at the RMA and Farm Production and Conservation Business Center offices in Kansas City, Missouri.

RECOMMENDS

This report does not contain recommendations.

WHAT OIG FOUND

The Federal Crop Insurance Corporation/Risk Management Agency (FCIC/RMA) received an unmodified opinion from the Office of Inspector General's (OIG) audits of FCIC/RMA's financial statements. We determined that the agency's financial statements present fairly FCIC/RMA's financial position as of September 30, 2023 and 2022, in all material respects, and were prepared in accordance with United States of America generally accepted accounting principles. This includes the agency's net costs, changes in net position, and statements of budgetary resources and related notes to the financial statements.

Our consideration of FCIC/RMA's internal control over financial reporting identified no material weaknesses and our consideration of compliance with laws and regulations noted no instances of noncompliance.

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TO: Marcia Bunger, Administrator, Risk Management Agency

Lucas Castillo, Chief Financial Officer, Farm Production and Conservation

ATTN: Roy Brown, Acting Performance, Accountability, and Risk Division Director Farm Production and Conservation Business Center

Gary Weishaar, Branch Chief for the External Audits and Investigations, Farm Production and Conservation Business Center

FROM: Janet Sorensen, Assistant Inspector General for Audit

SUBJECT: Federal Crop Insurance Corporation/Risk Management Agency's Financial Statements for Fiscal Years 2023 and 2022

This report presents the results of the subject audits. The report contains an unmodified opinion on the financial statements, as well as the results of our assessments of FCIC/RMA's internal control over financial reporting and compliance with laws and regulations. Your response is included in its entirety in Exhibit A.

We appreciate the courtesies and cooperation extended to us by members of your staff during our audit fieldwork and subsequent discussions. This report contains publicly available information and will be posted in its entirety to our website (https://usdaoig.oversight.gov) in the near future.

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Table of Contents

Independent Auditor's Report ... 1

Report on the Financial Statements ... 1

Opinion ... 1

Basis for Opinion ... 1

Emphasis of Matter ... 1

Other Matter ... 2

Report on Internal Control Over Financial Reporting ... 4

Report on Compliance with Laws, Regulations, Contracts, and Grant Agreements ... 5

Abbreviations ... 7

Exhibit A: Agency's Response ... 9

Exhibit B: Financial Statements ... 11

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The report is posted at: https://usdaoig.oversight.gov/sites/default/files/reports/2023-11/05401-0015-11FR508signed.pdf