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

GAO-02-266R 1 (2001-12-10)

handle is hein.gao/gaobaalwu0001 and id is 1 raw text is: £ Accountability * Integrity * Reliability United States General Accounting Office Washington, DC 20548 December 10, 2001 Louise L. Roseman, Director Division of Reserve Bank Operations and Payment Systems Board of Governors of the Federal Reserve System Subject: Federal Reserve Banks: Areas for Improvement in Computer Controls Dear Ms. Roseman: In connection with fulfilling our requirement to audit the U.S. government's fiscal year 2000 financial statements, we reviewed the general and application computer controls over key financial systems maintained and operated by the Federal Reserve Banks (FRB) on behalf of the Department of the Treasury's Financial Management Service (FMS) and the Bureau of the Public Debt (BPD).1 On August 30, 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 the vulnerabilities we identified and the recommendation we made. This letter presents the results of our fiscal year 2000 tests of the effectiveness of general and application controls that support key FMS and BPD automated financial systems maintained and operated by the FRBs and our follow-up on the status of the FRBs' corrective actions to address vulnerabilities identified in our audit for fiscal year 1999. Overall, we found that the FRBs had implemented effective general and application controls. However, as discussed in this letter, we identified vulnerabilities involving general and application computer controls that we did not consider as having a significant adverse impact on key FMS and BPD systems but that nonetheless warrant FRB management's action. In addition to the Limited Official Use letter provided to management, we communicated detailed information regarding our findings to appropriate FRB managers during our audit. Results in Brief Our fiscal year 2000 audit procedures identified opportunities to improve general controls related to access at two data centers; access, system software, and service GAO-02-266R Computer Controls at FRB '31 U.S.C. 331(e) (1994). Page I

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