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093577 1 (1973-12-13)

handle is hein.gao/gaobacxgh0001 and id is 1 raw text is: - D05 3577 UNITED STATES GENERAL ACCOUNTING QFFICE WASHINGTON REGIONAL OFFICE FIFTH FLOOR 803 WEST BROAD STREET FALLS CHURCH, VIRGINIA 22046 i DEC 13 1073 Mr. Andrew J. Wilson, Chief Office of Financial Management Bureau of Engraving and Printing L, O o 0s Department of the Treasury Dear Mr. Wilson: We recently discussed with you the results of our examination of the financial statements of the Bureau of Engraving and Printing Fund for fiscal years 1972 and 1973 and advised that our report to the Congress was in preparation. We thought it would be useful to summarize for you certain matters noted during our review which will not be discussed in our report to the Congress but which we feel warrant your attention. Benefits to be derived from an up-to-date accounting manual The Bureau does not have a complete and up-to-date manual of accounting policies and procedures for use by the accounting staff. As you know, an accounting manual contributes to accurate and reliable accounting and operating data and is an important part of the internal control system. The manual currently in use does not reflect changes in accounting practice which have occurred during the past several years. We believe it is important that the manual be updated and that this be done as soon as possible. A factor that gives this project considerable urgency is the possib2l1ty of nearly a 50-percent turnover of personnel in the General Accounts Branch during the next 6 months. Of the 11 employees currently in that branch, 4 plan to retire, 1 is transferring to another job in the Bureau, and another is eligible for retirement. We believe even at this time that the experience of these employees could be useful to the Bureau in revising the accounting manual. Furthermore, it is important that an up-to-date manual be available to guide the persons replacing those retiring. Because the Bureau plans to have its management information system redesigned, updating some sections of the manual at this time might be helpful in developing the financial segment of that system. I~ii - /~09a5

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