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IMTEC-93-14R 1 (1992-12-16)

handle is hein.gao/gaobacker0001 and id is 1 raw text is: UntdStates (l O General Accounting Office Washington, D.C. 20548 Information Management and Technology Division B-251621 December 16, 1992 The Honorable Jerome H. Powell 148160 Under Secretary for Finance Department of the Treasury The Honorable E. Gerald Corrigan President, Federal Reserve Bank of New York We have been reviewing the Treasury Automated Auction System (TAAPS) being developed by the Federal Reserve Bank of New York, as fiscal agent for the Treasury. This system is being developed to automate the current manual auction process for selling Treasury securities and will initially enable 39 Treasury securities dealers' to electronically transmit their bids via computer-to-computer link, instead of submitting paper tenders. As you are aware, auction proceeds go to help fund government shortfalls between expenditures and receipts. Given the importance of this system, a key objective of our work was to review the TAAPS test strategy and plans to ensure that the system would be adequately tested prior to being implemented. The proposed system testing is scheduled to be completed in December 1992 before TAAPS is to be made operational in January 1993. The purpose of this letter is to alert you about our concerns that the TAAPS testing strategy may be incomplete. Our review of test plan documentation indicates that (1) the tests may not include detailed system functions and (2) the planned stress test will not independently demonstrate all TAAPS' capabilities under extreme operating conditions. This increases the risk that system weaknesses will not be detected and corrected before they could cause data processing problems in a live operating environment. First and foremost, although the TAAPS' test strategy is intended to evaluate the system's functions, we are concerned about the extent of the proposed testing. Specifically, we could not determine whether all detailed 'These dealers are commonly referred to as primary dealers. GAO/IMTEC-93-14R, TREASURY: Auction Automation ) i

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