tailieunhanh - 1GA Report to the Congress December 1988 FINANCIAL AUDIT Federal Home Loan Banks 1987_part2

Do Lunltdtlons vốn có hệ thống dny lỗi dCCOuntlng nội bộ hoặc irreguldrltles vẫn có thể xảy ra Bộ Quốc phòng không được Ngoài ra, dự báo của bất kỳ đánh giá của hệ thống để phát hiện. thời gian trong tương lai 1s qubJect với các rủi ro rằng các thủ tục có thể becane không đầy đủ do những thay đổi trong điều kiện hoặc mức độ ccmplldnce các thủ tục có thể xấu đi. | Auditors Report on Internal Accounting Controls Federal Home Loan Bank Board July 15 198B 2 Because of inherent limitations in any system of internal accounting control errors or irregularities may nevertheless occur and not be detected. Also projection of any 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 the procedures may deteriorate. A material weakness for the auditor s purpose is a condition in which the specific control procedures or the degree of compliance with them do not in the auditor s judgment reduce to a relatively low level the risk that errors or irregularities m amounts that would be material in relation to the financial statements being audited may occur .and not be detected within a timely period by employees in the normal course of performing their assigned functions. These criteria may be broader than those that may be appropriate for evaluating weaknesses in accounting control for management or other purposes. Our studies and evaluations made for the limited purpose described in the first paragraph would not necessarily disclose all material weaknesses in the systems. Accordingly we do not express an opinion on the systems of internal control of the Federal Home Loan Banks taken as a whole. However our studies and evaluations disclosed no condition that we believe to be a material weakness with respect to each Bank and accordingly with respect to the combined financial statements of the Federal Home Loan Banks otner matters of significance which came to our attention during the course of our audits and which we believe should be brought to your attention have been reported separately to the Board of Directors of each Bank. This report IS intended solely for the use of the Federal Heme Loan Bank Board and should not be used for any other purpose. Yours truly This is trial version 28Fe 1 H u B 1 .