For almost a century, rural America has turned to Farm Credit for dependable credit at competitive costs. For more information about the financial status of our association, see our annual and quarterly reports. All are available for download, and new versions are made public as soon as they are available.
The consolidated financial statements above were prepared under the oversight of the Audit Committee. The Audit Committee is composed of six members of the Board of Directors of Farm Credit Mid-America, ACA (The Association). The Audit Committee oversees the scope of the Association’s internal audit program , the approval and independence of Pricewaterhousecoopers LLP (PWC) as our independent auditors, the adequacy of the Associations system of internal controls and procedures, and the adequacy of management’s acting with respects to recommendations arising from these auditing activities. The Audit Committee’s responsibilities are described more fully in the Internal Control Policy and Audit Committee Charter.
Management is responsible for internal controls and the preparation of the consolidated financial statements in accordance with accounting principles generally accepted in the Untied States of America. PwC is responsible for performing an independent audit of the consolidated financial statements in accordance with generally accepted auditing standards in the Untied States of America and to issue their report based on their audit. The audit Committee’s Responsibilities include monitoring and overseeing these processes.
The Audit Committee had discussions with and received written disclosures from PwC confirming its independence. The Audit Committee also reviewed the non- audit services provided by PwC, if any, and concluded these services were not incompatible with maintaining PwC’s independence. The audit Committee discussed with management and PwC such other matters and received such assurances from them as the Audit Committee deemed appropriate.