Hoa Kỳ Văn phòng Kế toán tổng hợp Washington, DC 20648 Kế toán và Phòng Quản lý Tài chính B-231262 tháng sáu 13,199 Các Clayton Các K. danh dự Các Bộ trưởng Nông nghiệp Yeutter Thưa ông Bộ trưởng: Báo cáo này trình bày quan điểm của chúng tôi về quản lý điện khí của nông thôn (HEX) báo cáo tài chính cho năm tài chính kết thúc ngày 30 tháng chín 1988. | GAO I ill ted States General Accounting Office Report to the Secretary of Agriculture June 1990 FINANCIAL AUDIT Rural Electrification Administration s Financial Statements for 1988 and 1987 141569 GAO AFMD-90-73 This is trial version GAO United States General Accounting Office Washington . 20548 Accounting and Financial Management Division B-231262 June 13 1990 The Honorable Clayton K. Yeutter The Secretary of Agriculture Dear Mr. Secretary This report presents our opinion on the Rural Electrification Administration s REA financial statements for the fiscal year ended September 30 1988. Reports on REA s internal accounting controls and on its compliance with laws and regulations are also provided. Under authority of the Rural Electrification Act of 1936 as amended REA makes direct loans and guarantees loans made by other qualified lenders to suppliers of electric and telephone service in rural areas. REA also makes grants and loans for the purpose of promoting rural economic development and job-creation projects. We contracted with an independent certified public accounting firm to conduct a financial and compliance audit of REA for the year ended September 30 1988. We determined the scope of the audit work monitored its progress at all key points reviewed the working papers of the certified public accountants KPMG Peat Marwick and performed other procedures as we deemed necessary. Our work also included a review of the loan loss exposure for approximately 3 billion of REA loans and 2 billion of loan guarantees because of the sensitive nature of ongoing negotiations between REA and the borrowers. Our examinations were conducted in accordance with generally accepted government auditing standards. In our opinion and consistent with the opinion of KPMG Peat Marwick REA s financial statements present fairly in all material respects its financial position as of September 30 1988 and the results of its operations and cash flows for the year then ended
