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GAO-11-528R 1 (2011-04-27)

handle is hein.gao/gaobaanxr0001 and id is 1 raw text is: A G AO . Accountabiity * Integri ty Refability United States Government Accountability Office Washington, DC 20548 April 27, 2011 The Honorable Van Zeck Commissioner Bureau of the Public Debt Subject: Bureau of the Public Debt: Areas for Improvement in Information Systems Controls Dear Mr. Zeck: 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 BPD financial systems. 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 collectively either a material weakness or significant deficiency, nevertheless warrant BPD management's attention and action. '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). 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 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-11-528R Information Security Controls at BPD Page 1

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