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GAO-16-655R 1 (2016-07-28)

handle is hein.gao/gaobaakch0001 and id is 1 raw text is: GAOU.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 July 28, 2016 Ms. Sheryl Morrow Commissioner Bureau of the Fiscal Service Department of the Treasury Management Report: Areas for Improvement in the Bureau of the Fiscal Service's Information Systems Controls Dear Ms. Morrow: In connection with our audit of the consolidated financial statements of the U.S. government,1 we audited and reported on the Schedules of Federal Debt Managed by the Bureau of the Fiscal Service (Fiscal Service) for the fiscal years ended September 30, 2015, and 2014.2 As part of these audits, we performed a review of information systems controls over key Fiscal Service financial systems relevant to the Schedule of Federal Debt. As we reported in connection with our audits of the Schedules of Federal Debt for the fiscal years ended September 30, 2015, and 2014, Fiscal Service maintained, in all material respects, effective internal control over financial reporting relevant to the Schedule of Federal Debt as of September 30, 2015, based on criteria established under 31 U.S.C. § 3512(c), (d), commonly known as the Federal Managers' Financial Integrity Act. Those controls provided reasonable assurance that misstatements material in relation to the Schedule of Federal Debt would be prevented, or detected and corrected, on a timely basis. While we identified control deficiencies relating to information systems controls relevant to the Schedule of Federal Debt, we do not consider them individually or collectively to be material weaknesses or significant deficiencies.3 Nevertheless, these control deficiencies warrant the attention and action of management. This report presents the deficiencies we identified during our fiscal year 2015 testing of information systems controls over key Fiscal Service financial systems that are relevant to the Schedule of Federal Debt. This report also includes the results of our follow-up on the status of Fiscal Service's corrective actions to address information systems control-related deficiencies and associated recommendations contained in our prior years' reports that were open as of 131 U.S.C. § 331 (e)(2). Because the Bureau of the Fiscal Service is a bureau within the Department of the Treasury, federal debt and related activity and balances that it manages are also significant to the consolidated financial statements of the Department of the Treasury (see 31 U.S.C. § 3515(b)). 2GAO, Financial Audit: Bureau of the Fiscal Service's Fiscal Years 2015 and 2014 Schedules of Federal Debt, GAO- 16-160 (Washington, D.C.: Nov. 13, 2015). 3A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness yet important enough to merit attention by those charged with governance. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. GAO-16-655R Information Systems Controls at Fiscal Service Page 1

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