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DOCUMNT A88088
00308 - [A0891549) (Restricted)
Internal Control System of the National Credit union
Administration]. February 28, 1977. 3 pp.
Report to Harvey . Baine III# Assistant Administrator for
Fiscal Affairs; National Credit Union Administration; by David
P. Sorandoo Regional Manager, Field Operations Div.: Regional
office (ashington).
Issue Area: accounting and Financial Reporting (2600).
Contact: Field Operations Div.: Regional Office (Washington).
Budget Functiont General Governeent: Central Fiscal Operations
(603).
ollowin- the-Annual -audit-of---tke National -Czedit Mnd-o
Adinistration's financial statements, improvements were
recommended in the internal control system.
Findings/Conclusious: Controls over payments to contractoLs.
cash receipts and deposits, and voucher reviews could be
strengthened. The Administration had 18 active non-Federal
Government contracts totaling sore than 1344,000 as of June 24,
1976. Invoices against such contracts were not subject to
approval b- the recipiant prior to payment by the Division of
Financial anagement (DFM), and DFM personnel did not routinely
verify that the terms of the contract ere met and that charges
do not exceed contract price. Daily receipts through the sail
are logged by the cash clerk, but sail personnel occasionally
open sail when the clerk is not present. Some receipts are not
recorded immediately. There is inadequate control and unclear
responsibility for cash receipts. In many cases, transaction
vouchers are not signed by approving officials. The
Administration'a liability for security services provided have
not been properly recorded in the accounting records.
Recommendations: The Director of DFH should: insure effective
management control of disbursements to contractors, open the
sail only when the cash clerk is present to record the cash
receipts, and lock up and safeguard daily deposits. Personnel in
DPH should indicate voucher review by signature or initial to
substantiate the system of internal c'ntrol. (IRS)](ViewImageLocal?handle=hein.gao/gaobacxnk0001&div=1&collection=&method=preview&ext=.png&size=3)