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GAO-11-447R 1 (2011-03-31)

handle is hein.gao/gaobaanxd0001 and id is 1 raw text is: GA 0 A antbillty IntegrIty IReIhability United States Government Accountability Office Washington, DC 20548 March 31, 2011 Stephen R. Malphrus Staff Director for Management Board of Governors of the Federal Reserve System Subject: Federal Reserve Banks: Areas for Improvement in Information Systems Controls Dear Mr. Malphrus: In connection with fulfilling our requirement to audit the financial statements of the U.S. government,' we audited and reported on the Schedules of Federal Debt Managed by the Bureau of the Public Debt (BPD) for the fiscal years ended September 30, 2010 and 2009.2 As part of these audits, we performed a review of information systems controls over key financial systems maintained and operated by the Federal Reserve Banks (FRB) on behalf of the Department of the Treasury's (Treasury) BPD relevant to the Schedule of Federal Debt. As we reported in connection with our audit of the Schedules of Federal Debt for the fiscal years ended September 30, 2010 and 2009, we concluded that BPD maintained, in all material respects, effective internal control over financial reporting relevant to the Schedule of Federal Debt as of September 30, 2010, that provided reasonable assurance that misstatements, losses, or noncompliance material in relation to the Schedule of Federal Debt would be prevented, or detected and corrected on a timely basis. However, we identified information systems deficiencies affecting internal control over financial reporting, which, while we do not consider them to be '31 U.S.C. § 331(e)(2). As a bureau within the Department of the Treasury, federal debt and related activity and balances 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 Public Debt's Fiscal Years 2010 and 2009 Schedules of Federal Debt, GAO-11-52 (Washington, D.C.: Nov. 8, 2010). GAO-11-447R Information Systems Controls at FRBs Page 1

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