tailieunhanh - Appendix I Reports Issued as a Result of GAO's Audit of IRS' Fiscal Years 1992 and 1993 Financial Statements and Status of Recommendations_part2

Tham khảo tài liệu 'appendix i reports issued as a result of gao's audit of irs' fiscal years 1992 and 1993 financial statements and status of recommendations_part2', tài chính - ngân hàng, kế toán - kiểm toán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | ENCLOSURE I ENCLOSURE I CONCERNS AND ISSUES RELATED TO RECONCILIATION OF FUND BALANCES WITH TREASURY ACCOUNTS4 Agencies generally are not reconciling their Fund Balances with Treasury accounts in a timely manner. For instance as of March 31 1997 Treasủry reports showed that about 64 percent of the federal entities that report financial data to Treasury had unreconciled differences in their collection and disbursement This indicates that agencies had not implemented effective internal controls to ensure timely reconciliation of differences because they had not reconciled the individual differences of less than 5 million identified by Treasury at least 6 months earlier. BCA activity is an indicator of timeliness problems but it does not reflect what may be a larger problem. For March 1997 federal agencies had billions of dollars of individual differences greater than 5 million reported on Statements of Differences to be reconciled. Unless agencies implement effective internal controls to reconcile on a month-to-month basis there is an increased risk that these large differences will not be reconciled prior to the reqmred reporting date for departmentwide financial statements. As such these year-end statements may not be accurate. Also agency managers run the risk of over spending or over obligating if they do not have current and accurate information on amounts in them Fund Balances with Treasury accounts. Treasury has acknowledged the problem about untimely agency reconciliations and acted to encourage agencies to resolve their clearing accounts. Specifically during the months of July through September 1996 Treasury sent letters to agencies notifying them of the balances in theữ BCAs and clearing accounts containing large differences and asked them to develop plans for clearing these It is too early to know what impact these letters will have on future timeliness of reconciliations but it is important for agency auditors to monitor the results of .