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FINANCIAL AUDIT First Audit of the Library of Congress Discloses Significant Problems _part2

Điều khiển đánh giá của hệ thống thời gian trong tương lai là đối tượng nguy cơ rằng các thủ tục có thể trở thành không đầy đủ do những thay đổi trong điều kiện hoặc mức độ tuân thủ các thủ tục có thể xấu đi. Xem xét sơ bộ của hệ thống của chúng tôi tiết lộ điều kiện mà chúng tôi tin rằng tăng nguy cơ mà lỗi hoặc bất thường được các tài liệu báo cáo tài chính của Thư viện có thể xảy ra và không được kịp thời s phát hiện | Appendix I Report on Internal Accounting Controls evaluation of the system to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the degree of compliance with procedures may deteriorate. Our preliminary review of the system disclosed conditions that we believe increase the risk that errors or irregularities that are material to the Library s financial statements could occur and not be promptly detected. We believe that many of these conditions could have been prevented had the Library followed the accounting and financial management standards applicable to other federal agencies. Under 31 u.s.c. 3511 and 3512 federal executive agencies are required to conform to GAAP and the internal control standards prescribed by the Comptroller General. These requirements are found in GAO S Policy and Procedures Manual for Guidance of Federal Agencies. These requirements are not applicable to the Library since it is a legislative agency. However because Library officials have expressed their intent to comply with many of these requirements we cite them as criteria throughout the remainder of this report. Federal executive agencies are also required to comply with the Federal Managers Financial Integrity Act FMFIA and the Chief Financial Officers CFO Act of 1990. FMFIA requires agencies annually to assess their internal controls report on weaknesses and develop a plan to strengthen weak internal controls. The CFO Act establishes chief financial officers and provides for improvements in accounting systems internal controls and financial management to ensure the issuance of reliable financial information. Among its major requirements are the 1 annual preparation and audit of financial statements and 2 preparation and annual update of a 5-year system improvement plan. The 5year plan is to include a system integration strategy and relevant milestones. As a legislative branch agency the Library is not required to adhere