Financial Audit: Rural Telephone Bank's 1988 Financial Statements

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Report Type	Reports and Testimonies
Report Date	May 23, 1990
Report No.	AFMD-90-69
Subject	Auditing standards Civil audits Federal agency accounting systems Federal corporations Financial management Financial records Financial statement audits Government guaranteed loans Internal controls Off-budget federal entities Auditing procedures

Summary:

Pursuant to a legislative requirement, GAO audited the Rural Telephone Bank's (RTB) financial statements for the FY September 30, 1988, in accordance with generally accepted government auditing standards.

GAO found that: (1) RTB financial statements presented fairly its financial position as of September 30, 1988 and the results of its operations, changes in stockholders' equity, and cash flows for the year then ended; (2) it did not audit financial statements used for comparative purposes; (3) the RTB method for estimating its provision for loan losses did not consider relevant factors; (4) RTB did not obligate at least $177,045,000, as the law required; (5) RTB committed to lending $80,139,000, which was the total amount of loans applied for during the year; and (6) during FY 1989, RTB distributed approximately $125 million in patronage refunds on a portion of its stock.

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Financial Audit: Rural Telephone Bank's 1988 Financial Statements