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GGD-80-42 1 (1980-02-28)

handle is hein.gao/gaobabaha0001 and id is 1 raw text is: r UNITED STATES GENERAL ACCOUNTING OFFICE 1 WASHINGTON, D.C. 20548 GENERAL GOVERNMENT DIVISION FEBRUARY 28, 1980 B-197390 Vice President and Treasurer IiI Federal Financing Bank 111661 Dear Mr. Taylor: Subject: Improving Management Controls at the Ilederal Financing Banj(GGD-80-42) We recently concluded an examination of the Federal Financing Bank's financial statements for fiscal year 1979. Our report to the Congress, which gave an unqualified opinion on those statements, was issued and sent to you on February 6, 1980. However, during this audit we also noted several weak- nesses in the Bank's internal controls which, while they do not affect our opinion on the financial statements, need attention. INTERNAL CONTROL SHOULD BE IMPROVED The Bank's present internal controls provide reasonable assurance of reliable financial statements, but several im- provements need to be made. Specifically --the accounting system should be documented; --records and files should be better maintained; --the accounting staff rotation policy should be revised; and --most transactions should be computerized. The accounting system needs to be documented One problem we found is that the Bank has few written procedures detailing methods of control, accounting proc- esses, organizational arrangements, or assignments of Bank employees. (260020)

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