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FGMSD-75-23 1 (1975-03-31)

handle is hein.gao/gaobabklp0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20548 DIVISION OF FINANCIAL AND GENERAL MANAGEMENT STUDIES B-115363 MIAR 1 I 107S The Honorable Thomas G. Cody Assistant Secretary for Administration Department of Housing and Urban Development Dear Mr. Cody: This report presents the results of our review of the adequacy of the financial management system and internal controls, including internal audit, relative to the receipt and disbursement of funds. We tested financial transactions and records as we considered appro- priate through March 1974. We were able to reduce our audit efforts in several areas because of audit work performed by HUD's Office of Inspector General. We plan to issue a separate report on our review of the centra- lized automated payroll operations at the headquarters office, Washington, D.C. Our review was made at the HUD headquarters office in Washington, D.C., and at regional offices in Philadelphia, Pennsylvania; Chicago, Illinois; and San Francisco, California. In addition, we considered internal audit work performed by HUD's Office of Inspector General at five other regional offices. The administrative procedures and internal controls for the receipt and disbursement of funds were generally satisfactory. However, some weaknesses were noted during the review. These weaknesses are sunmarized below. ASSESSMENTS FOR AUDITS AND INSPECTIONS TO BE REVIEWED HUD assesses loan and grant recipients a percentage of each loan or grant to reimburse HUD for the cost of audits and inspections performed by HUD personnel. The assessments are made in advance of performance and deposited in the Department of the Treasury in a deposit account for un- earned fees and charges. FGMSD-75-23

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