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GAO-01-1131R 1 (2001-09-13)

handle is hein.gao/gaobaalvp0001 and id is 1 raw text is: £ Accountability * Integrity * Reliability United States General Accounting Office Washington, DC 20548 September 13, 2001 The Honorable Van Zeck Commissioner Bureau of the Public Debt Subject: Bureau of the Public Debt: Areas for Improvement in Computer Controls Dear Mr. Zeck: In connection with fulfilling our requirement to audit the U.S. government's fiscal year 2000 financial statements,' we audited and reported on the Bureau of the Public Debt's (BPD) Schedules of Federal Debt for the fiscal years ended September 30, 2000 and 1999.2 Our review of the general and application computer controls over key BPD financial systems was performed as a part of these audits. On August 14, 2001, we issued a Limited Official Use letter to you detailing the results of our review. This excerpted version of the letter for public release summarizes (1) the vulnerabilities we identified and recommendations we made and (2) our follow-up on previously reported vulnerabilities. This letter presents the results of our tests of the effectiveness of general and application controls that support key automated financial systems and our follow-up on the status of BPD's corrective actions to address vulnerabilities identified in our fiscal years 1999 through 1997 audits. These systems, some of which are operated and maintained by the Federal Reserve Banks (FRB), process investments in and redemption of Treasury securities, generate interest payments, account for the resulting federal debt, and provide financial reports to the public and the federal government. We also assessed the general and application controls over key BPD systems that the FRBs maintain and operate and will be issuing a separate letter to the Board of Governors of the Federal Reserve on the results of our testing. '31 U.S.C. 331 (e) (1994). 2Financial Audit: Bureau of the Public Debt's Fiscal Years 2000 and 1999 Schedules of Federal Debt (GAO-01-389, March 1, 2001). 3Bureau of the Public Debt: Areas for Improvement in Computer Controls (GAO/AIMD-00-269, August 9, 2000). GAO-01-1131R Computer Controls at BPD

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