About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

AIMD-00-236R 1 (2000-08-07)

handle is hein.gao/gaobaalkv0001 and id is 1 raw text is: I GAO Accountability * Integrity * Reliability United States General Accounting Office Accounting and Information Washington, DC 20548 Management Division B-285660 August 7, 2000 Mr. Richard Gregg Commissioner Financial Management Service Department of the Treasury Subject: Internal Controls: Disbursement Processing Controls Need Improvement Dear Mr. Gregg: We recently reported on the U.S. government's financial statements for fiscal year 1999.1 In connection with fulfilling our requirement to audit these statements, we tested certain internal controls over federal disbursements processed by the Department of the Treasury's Financial Management Service (FMS).2 With some exceptions (the largest being the Department of Defense), FMS makes disbursements for all federal agencies through its Austin, Chicago, Kansas City, Philadelphia, and San Francisco Regional Financial Centers and the Birmingham Debt Management Operations Center (Centers).3 For fiscal year 1999, the Centers reported processing over 875 million disbursements totaling over $1.2 trillion. The Centers generate disbursements via check, electronic fund transfer (EFT), or Fedwire.4 These disbursements for fiscal year 1999 were over 280 million checks amounting to over $260 billion, over 595 million electronic fund transfers amounting to over $710 billion, and over 50,000 Fedwires amounting to over $230 billion. Centers also process Automated Standard Application for Payments (ASAP) system 1Financial Audit: 1999 Financial Report of the United States Government (GAO/AIMD-00-131, March 31, 2000) 231 U.S.C. 331(e) (1994). 3Beginning October 1, 1999, the Birmingham Financial Center became the Birmingham Debt Management Operations Center and ceased routine disbursing operations. This Center currently only makes residual payments to payees under the Treasury Offset Program. 4Fedwire is a telecommunications network that electronically links FMS to the Federal Reserve Bank of New York and handles low-volume, high-dollar value, or same-day payment requests. GAO/AIMD-00-236R Disbursement Processing Controls

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most