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AIMD/GGD-95-220R 1 (1995-08-03)

handle is hein.gao/gaobackxd0001 and id is 1 raw text is: GAO United States General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-262201 August 3, 1995 The Honorable Charles E. Grassley United States Senate Dear Senator Grassley: This letter responds to your July 31, 1995, request that we answer two questions regarding the Internal Revenue Service's (IRS) compliance with the Chief Financial Officers (CFO) Act and its ability to track revenues under its Compliance Initiative for fiscal year 1995. According to IRS' Compliance Initiatives Quarterly Tracking Report for the second quarter of fiscal year 1995, the Compliance Initiative is designed to improve compliance and generate additional revenue and includes its Examination, Collection, and Information Reporting programs. Our responses to your questions are presented below and are based on completed work and previously issued reports and testimony. OUESTION ONE First, you asked What are GAO's views on IRS' compliance with the CFO Act? What deficiencies does GAO see? What problems still exist and what improvements have been made? GAO's RESPONSE TO OUESTION ONE IRS has serious, long-standing financial management problems that must be overcome for it to be able to fully comply with the CFO Act. IRS has acknowledged these problems, and the Commissioner has committed to resolving them. For example, IRS was among the first agencies to establish the CFO function in its agency and it has made some progress in preparing auditable financial statements-- one of the act's principal requirements. Since our first financial audit covering fiscal year 1992, where more than 64 percent of IRS' appropriated funds could not be audited, IRS has successfully implemented a financial management system for its appropriated funds and transferred the GAO/AIMD/GGD-95-220R IRS Compliance Initiative Page 1

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