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Rural Development’s Financial Statements for Fiscal Years 2020 and 2019

OIG audited the consolidated financial statements of Rural Development for fiscal years 2020 and 2019.

Audit Report: 85401-0011-11
Published: 11/09/2020
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Fast Facts

This report presents the results of our audits of Rural Development’s financial statements for the fiscal years ending September 30, 2020, and 2019.  This report contains an unmodified opinion on the financial statements, as well as the results of our assessments of Rural Development’s internal control over financial reporting and compliance with laws and regulations. 

OBJECTIVE
Our objectives were to determine whether:  (1) the consolidated financial statements present information fairly, in all material respects, and in accordance with generally accepted accounting principles; (2) internal control objectives over financial reporting were met; (3) Rural Development complied with applicable laws and regulations; and (4) information was materially consistent with other sources.

WHAT OIG FOUND
Rural Development received an unmodified opinion from the Office of Inspector General’s (OIG) 
audits of Rural Development’s consolidated financial statements.  We determined that the agency’s financial statements present fairly Rural Development’s financial position as of September 30, 2020 and 2019, in all material respects, and were prepared in accordance with accounting principles  generally accepted in the United States of America.  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 Rural Development’s internal control over financial reporting identified no material weaknesses and our consideration of compliance with laws and regulations noted no instances of noncompliance.