Economic Development Administration Financial Statements Fiscal Year 1997

By Department of Commerce

Book Id: WPLBN0000698856
Format Type: PDF eBook
File Size: 263.52 KB.
Reproduction Date: 2000

Title:	Economic Development Administration Financial Statements Fiscal Year 1997
Author:	Department of Commerce
Volume:
Language:	English
Subject:	Government publications, Department of Commerce and Labor Document, Commerce.
Collections:	Department of Commerce Collection
Historic Publication Date:
Publisher:	Government Printing Office


Citation APA MLA Chicago Commerce, E. O. (n.d.). Economic Development Administration Financial Statements Fiscal Year 1997. Retrieved from http://self.gutenberg.org/

Excerpt
Excerpt: In its report on internal control structure, Arthur Anderson LLP identified the following five reportable conditions, of which the first is a material weakness: C Accrued grant expenses are not accurately recorded. C The financial management control environment should be strengthened. C Duties relating to computer program changes for the fund accounting system are not compatible. C Controls over logical security for the fund accounting system should be improved. C Annual leave is not reconciled on a timely basis. Additionally, in its report on compliance with laws and regulations, Arthur Andersen LLP identified the following instance of non-compliance: EDA?s financial accounting system did not substantially comply with the Federal Financial Management Improvement Act in that EDA has not established an accounting system that conforms with applicable federal accounting standards with respect to accurately recording grant expenses.

Table of Contents
Table of Contents: EXECUTIVE SUMMARY, I -- INTRODUCTION, 1 -- PURPOSE AND SCOPE OF AUDIT, 1 -- FINDINGS AND RECOMMENDATIONS, 3 -- INTERNAL CONTROLS OVER CARD USE -- NEED TO BE IMPROVED, 3 -- Annual Review of Bankcard Activity Not Performed, 3 -- Bankcards Not Maintained In Secure Location, 3 -- Unauthorized Card Use and Purchase of Prohibited Items, 3 -- Purchases Not Preapproved, 4 -- Receipt of Goods Not Documented, 4 -- Property Transaction Forms Not Completed, 4 -- Records Not Properly Maintained, 4 -- Required Training Not Provided, 5 -- Recommendation, 5 -- Census Response, 6 -- OIG Comments, 6