Federal Credit Reform Act of 1990 (FCRA), 2 U.S.C. 661-661f

Compliance

802 - General Compliance Checklist

Description of Law

Yes

Federal Credit Reform Act of 1990 (FCRA), 2 U.S.C. 661-

661f

This law contains numerous provisions relating to the recording

of activity related to direct loans, loan guarantees, and related

modifications for budget accounting purposes. The law

provides that after October 1, 1991, an agency may incur new

direct loan obligations or make new loan guarantee

commitments only to the extent that Congress has provided

budget authority to cover the costs of the loan or loan

guarantee.

Does the entity's budget authority available during the audit

period for direct loan obligations, loan guarantee commitments,

or any related modifications exceed planning materiality or are

provisions of the FCRA of 1990 otherwise considered to be

significant?

____

(OMB audit guidance requires auditors of CFO Act agencies to

test for compliance with this law.)

Final

Preliminary

Total appropriations or other

budget authority available during

the fiscal year for costs of FCRA

activities (direct loans, loan

guarantees, and related

modifications)

Planning materiality

If yes, complete compliance supplement 808.

August 2002

GAO/PCIE Financial Audit Manual - Part II

Page 802-3