At a recent meeting, the Farm Credit Administration board approved a proposed rule to require all Farm Credit System banks and associations to obtain integrated audits. An integrated audit is an audit of internal control over financial reporting that is integrated with an audit of financial statements.
“The increase in the size and complexity of system institutions has increased the risk that an internal control weakness or failure at one institution could affect the safety and soundness of the entire system,” FCA claims, adding that the rule would “mitigate such a risk.”
Following a 30-day period for congressional review, the proposed rule will be published in the Federal Register for a 60-day comment period. The public may submit comments by electronic mail to [email protected] or through the public comment form on FCA’s website.
