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093545 1 (1974-03-07)

handle is hein.gao/gaobacxfm0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON REGIONAL OFFICE lo FIFTH FLOOR 803 WEST BROAD STREET FALLS CHURCH, VIRGINIA 22046 MAR 7 1974 Mr. Edward F. Phelps, Controller Federal Deposit Insurance Corporation 550 Seventh Street, NW Washington, D C 20429 Dear Mr. Phelps: In the course of our recently completed audit of the Corporation's fiscal year 1973 financial statements, we saw at first hand the steps being taken to improve your accounting operations as outlined in the Chairman's letter of April 11, 1973 We realized this was an ongoing effort and discussed with your associates additional points that warranted consideration in bringing this project to a successful conclusion We noted that an organization plan for the Accounting and Budgeting Branch has been drafted and that work has started on updating the chart of accounts and preparing an accounting manual When completed, these documents should contribute to a more efficient operation and provide accurate and reliable accounting and operating data in accordance with corporate policies During this year's audit we discussed with Accounting Section per- sonnel possible improvements in the Corporation's accounting for cash ieceipts and the control of furniture, fixtures, and equipment. We were asked to provide our thoughts on these matters The Corporation has no written procedures for recording cash received prior to the yearend but deposited during the next year We were advised that yearend adjustments to cash are made based on the subjective judgment of accounting personnel which often results in adjustments being made for only larger cash receipt items For example, items totaling approximately $53,000, which were collected prior to June 30, 1973, were not included in the cash account for yearend We suggest that consideration be given to establishing procedures to ensure that all cash receipts are recoaded in the proper accounting period 09019s

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