OIG audited the consolidated financial statements of the Commodity Credit Corporation for fiscal years 2020 and 2019.
KPMG LLP, an independent certified public accounting firm, conducted the audit. In connection with the contract, we reviewed KPMG LLP’s report and related documentation and inquired of its representatives. Our review, as differentiated from an audit in accordance with government auditing standards, issued by the Comptroller General of the United States of America (U.S.), was not intended to enable us to express, and we do not express, an opinion on CCC’s financial statements; internal control; whether CCC’s financial management system substantially complied with the Federal Financial Management Improvement Act of 1996 (FFMIA); or conclusions on compliance with laws and regulations. KPMG LLP is responsible for the attached auditor’s report, dated November 13, 2020, and the conclusions expressed in the report. However, our review disclosed no instances where KPMG LLP did not comply, in all material respects, with government auditing standards and the Office of Management and Budget 19-03, Audit Requirements for Federal Financial Statements, in the performance of its engagement.
This report presents the results of the audits of Commodity Credit Corporation’s (CCC) financial statements for the fiscal years ending September 30, 2020 and 2019. 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.
It is the opinion of KPMG LLP that the financial statements present fairly, in all material respects, CCC’s financial position as of September 30, 2020 and 2019, and its net costs, changes in net position, and budgetary resources and the related notes to the financial statements in accordance with accounting principles generally accepted in the U.S.
KPMG LLP’s report identified two deficiencies. Specifically, KPMG LLP identified weaknesses in CCC’s:
- accounting for budgetary transactions, and
- accrued liabilities.
KPMG LLP considered these two deficiencies to be material weaknesses. The results of KPMG LLP’s tests of compliance with laws and regulations disclosed instances of noncompliance with FFMIA.