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AIMD-98-211R 1 (1998-09-02)

handle is hein.gao/gaobacmoq0001 and id is 1 raw text is: United States G A() General Accounting Office Washington, D.C. 20548 o Accounting and Information Management Division B-280310 September 2, 1998 The Honorable Charles 0. Rossotti Commissioner of Internal Revenue Dear Mr. Rossotti: Subject: Management Letter. IRS' Accounting Procedures and Internal Controls In February 1998, we issued our opinions on the custodial financial statements of the Internal Revenue Service (IRS) and management's assertions regarding the effectiveness of its internal controls for the fiscal year ended September 30, 1997.' We also reported our conclusions on IRS' compliance with significant provisions of selected laws and regulations and on whether IRS' systems substantially comply with requirements of the Federal Financial Management Improvement Act of 1996. The purpose of this letter is to advise you of additional matters identified during our audit of IRS' custodial financial statements for fiscal year 1997 regarding accounting procedures and internal controls that could be improved. These matters are not considered material in relation to the financial statements; however, they warrant management's consideration. They concern weaknesses in policies and procedures over (1) financial reporting, (2) Earned Income Credit (EIC) reporting, (3) integrity of master file2 data, (4) timeliness of transaction processing, (5) recording transactions in the general ledger, (6) tax revenue adjustments, (7) Department of the Treasury reconciliations, and (8) preparation of the Overview. 'Financial Audit: Examination of IRS' Fiscal Year 1997 Custodial Financial Statements (GAO/AIMD-98-77, February 26, 1998). 2IRS' master files are its only detailed database of taxpayer information. These records support all IRS actions involving this data, including recording assessments, interest and penalties, issuing refunds, correspondence with taxpayers, and support for the custodial financial statements and other financial reports. GAO/AIMD-98-211R IRS Management Letter 16 /1,

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