Farm Credit Administration 

Office of Inspector General

Audit, Inspection, and Evaluation Plan 

Fiscal Years 2022-2023 
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AUDIT, INSPECTION, AND EVALUATION PLAN 

The Office of Inspector General (OIG) is tasked with providing independent and objective oversight of the Farm 

Credit Administration (FCA or Agency) and keeping the FCA Board and Congress fully and completely informed 

as to problems and deficiencies relating to FCA programs and operations. Pursuant to its responsibilities, the OIG 

performs audits, inspections, and evaluations to ensure that FCA programs are administered effectively and with 

appropriate controls, and to identify opportunities for improvement.

Below are audit, inspection, and evaluation activities planned for Fiscal Years 2022 and 2023. This plan was 

formulated using a risk-based approach, considering prior oversight work, the control environment, input from 

senior management, statutory requirements, and resource allocations and prioritizations. The planned activities 

may be adjusted in response to changing needs or circumstances.

REQUIRED ANNUAL REVIEWS

FCA’s Financial Statements Audit

The Accountability of Tax Dollars Act of 2002 requires executive agencies not covered by the Chief Financial 

Officers Act to obtain annual audits in accordance with generally accepted government auditing standards. The 

OIG contracts with an independent accounting firm to audit FCA’s financial statements, internal control over 

financial reporting, and compliance with laws and regulations relating to the determination of financial statement 

amounts. The OIG will transmit the audit firm’s opinion to the Agency. The OIG will ensure that the independent 

accounting firm incorporates an appropriate audit scope and deliverables within appropriate timeframes. 

Federal Information Security Modernization Act (FISMA)

FISMA requires Inspectors General to conduct an annual evaluation of their respective agency’s information 

security program and report the results to the Office of Management and Budget (OMB) and the Department of 

Homeland Security (DHS). The objective of this evaluation is to conduct an independent evaluation of FCA’s 

information security program using the metrics identified by DHS to determine the effectiveness of the 

information security program and practices. The OIG may contract with an independent accounting firm to

conduct FCA’s FISMA evaluation. If a contractor is used, the OIG monitors the audit firm and transmits the firm’s 

evaluation to the Agency. 

Payment Integrity Information Act (PIIA) Evaluation 

PIIA requires Inspectors General to conduct an annual evaluation of their respective agency’s efforts to prevent 

and reduce improper payments. The review includes determining whether the Agency is publishing improper 

payments information in the annual financial statement and conducting program-specific risk assessments to 

identify those susceptible to improper payments. The objective of this evaluation is to determine whether FCA 

has met all applicable requirements of the PIIA and evaluate efforts to prevent and reduce improper payments.

PLANNED AUDIT, INSPECTION, AND EVALUATION ACTIVITIES

Audits

FCA’s Office of Data Analytics and Economics (ODAE)

With the goal of moving further toward a more objective data-driven approach to policy making, the FCA Board 

approved the creation of ODAE in November 2019. ODAE is primarily responsible for facilitating an agency-wide 

strategy for analytics and providing economic analysis services to support the FCA Board and offices regarding 

their decision-making and regulatory activities. ODAE was also created to support the Foundations for Evidence-
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Based Policymaking Act of 2018 (signed into law on January 14, 2019). The objective of this audit is to evaluate 

ODAE’s organizational structure, goals, and objectives in achieving the Agency’s mission.

FCA’s Enterprise Risk Management (ERM) Capability and Internal Control Program

Federal managers should effectively manage risks that the Agency faces in achieving strategic objectives and 

that arise from its activities and operations. In July 2016, OMB issued a revised Circular A-123 to modernize

existing efforts to improve accountability in Federal programs and operations by requiring the implementation 

of an ERM capability. The objective of this audit is to determine whether the Agency has established an adequate

ERM and internal control program.

FCA’s Contracting Process

FCA’s contracting program has moved to the FCA’s Office of the Chief Financial Officer. The goal of the program 

is to acquire products and services that meet program needs and are the best value to the Agency in a timely 

and effective manner. As a non-appropriated fund agency, FCA’s procurement policies are set forth in Policy and 

Procedures Manual 812, Contracting/Procurement Policy, and the Agency’s Contracts Desk Manual. The objective 

of this audit is to determine whether FCA’s contracting process is efficient and effective. 

Agency-wide Training Initiatives

There are multiple agency-wide training requirements for areas such as computer security, continuity of

operations, equal employment opportunity and diversity, and antiharassment. The Agency also has an extensive 

examiner commissioning program. The objective of this audit is to determine whether the Agency is adequately 

coordinating and utilizing resources to deliver efficient and effective training.

FCA’s Information Technology (IT) Asset Acquisition Process

In order to perform the mission, Agency personnel need IT assets. The Agency refreshes IT assets, such as mobile 

devices, laptops, and tablets on a regular basis. The objective of this audit is to determine whether FCA’s process 

for IT acquisitions is adequately planned and implemented.

FCA’s Policy and Regulation Development Process

FCA’s Office of Regulatory Policy manages policy and regulation development activities that aim to ensure the 

safety and soundness of the Farm Credit System (FCS). FCA’s policy and regulation development activities include 

the analysis of policy and strategic risks. The objective of this audit is to determine whether the regulation and 

policy development process is operating efficiently and complies with applicable Agency policy and Federal 

requirements.

Inspections and Evaluations

Examination Staff Scheduling and Rotation

FCA is required to examine each FCS institution at such times as the FCA Board determines, but no less than 

every 18 months. Rotating examiners is an important element of FCA’s arms-length role to ensure oversight work 

is fair, impartial, and independent. Staff rotation also supports the consistent application of requirements across 

institutions and provides valuable learning opportunities. The objective of this inspection is to identify and

evaluate FCA’s process for scheduling and rotating FCA examination staff. 

Office of Examination Recruiting

Each year, the Office of Examination expends resources to recruit new talent for FCA’s examination staff. The 

objective of this inspection is to determine whether FCA is allocating appropriate resources to, and analyzing 

results of, its recruiting efforts.
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Similar Entity Lending Oversight Process

The Farm Credit Act allows FCS institutions to participate in similar entity lending to provide institutions and nonsystem lenders with a tool to manage risk. In 2016, FCA issued a bookletter describing safeguards to help FCS

institutions ensure compliance with similar entity lending laws and regulations. The objective of this inspection 

is to evaluate the Agency’s oversight of similar entity lending in the FCS. 

Review of Enhanced Personnel Security Program

5 U.S.C. § 11001 requires Inspectors General, beginning two years after implementation of an enhanced personnel 

security program, to conduct a review to assess the effectiveness and fairness to individuals who have been 

determined eligible for access to classified information or eligible to hold a sensitive position. Assessments are 

made in accordance with performance measures and standards to be established by the Director of National 

Intelligence. The objective of this inspection is to determine whether FCA has adequately implemented an 

enhanced personnel security program in accordance with applicable guidelines.

External Communications from FCA

There are several mechanisms FCA uses for external communication, including social media and a website. 

External communication is valuable to the Agency and the public, but processes need to be in place to ensure 

information is disseminated and controlled accurately. The objective of this inspection is to determine whether 

FCA’ s external communications are efficient and properly controlled. 

Peer Reviews

FCA OIG Peer Review of Corporation for Public Broadcasting OIG Inspection and Evaluation Operations

The Council of the Inspectors General on Integrity and Efficiency Quality Standards for Inspections and 

Evaluations (Blue Book) requires an external peer review of inspection and evaluation organizations every three 

years. The OIG staff is scheduled to conduct the Corporation for Public Broadcasting OIG’s external inspection 

and evaluation peer review beginning October 2021. 

Peer Review of FCA OIG Audit Operations

Government Auditing Standards require audit organizations that perform audits or attestation engagements to 

undergo an external peer review every three years. The Federal Trade Commission OIG is scheduled to conduct 

FCA OIG’s external peer review starting in April 2022. The review will cover our system of quality control for the 

audit organization.

Peer Review of FCA OIG Inspection and Evaluation Operations 

The Securities and Exchange Commission OIG is scheduled to conduct FCA OIG’s external peer review starting in 

April 2022. The review will cover our inspection and evaluation organization’s compliance with Blue Book 

standards. 

FCA OIG Peer Review of Capitol Police OIG Audit Operations

The OIG staff is scheduled to conduct the Capitol Police OIG’s external audit peer review beginning October 

2023. 
REPORT FRAUD, WASTE, ABUSE, &

MISMANAGEMENT 

Fraud, waste, abuse, and mismanagement in government concerns everyone: 

Office of the Inspector General staff, FCA employees, Congress, and the general 

public. We actively solicit allegations of any inefficient and wasteful practices, 

fraud, and mismanagement related to FCA programs and operations. You can 

report allegations to us in several ways:

Phone: (800) 437-7322 (Toll-Free)

(703) 883-4316 

Fax: (703) 883-4059 

Email: fca-ig-hotline@rcn.com 

Mail: 1501 Farm Credit Drive

McLean, VA 22102-5090 

To learn more about reporting wrongdoing to the OIG, please visit our website 

at https://www.fca.gov/about/inspector-general.