Internal Control Over Financial Reporting

Issuing agencies

Abstract

The Farm Credit Administration (FCA, we, or Agency) is seeking comments on this proposed rule to amend the reporting regulations to require Farm Credit System (System) associations that meet certain asset thresholds or conditions, as well as all System banks, to obtain annual attestation reports from their external auditors that express an opinion on the effectiveness of internal control over financial reporting (ICFR), are made in accordance with generally accepted auditing standards (GAAS) as promulgated by the American Institute for Certified Public Accountants ("AICPA") or the Public Company Accounting Oversight Board's ("PCAOB") auditing standards, and accompany management's assessment and be included with the System Institution's annual report (these attestation reports are hereinafter referred to as "Attestation Reports"). The proposed rule would also require Attestation Reports obtained by the Federal Farm Credit Banks Funding Corporation (Funding Corporation) be made in accordance with GAAS.