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DOCUMENT SESUME
02487 - [A1812851) (Restricted)
(Agency for International Development's Loan Accounting System].
J'ine 10, 1977. 2 pp.
Report to John F. Owens, Acting Assistant Administrator, Agency
for- Internatianal.Delelopment: Bureau for Prograw and Manage0 ent
Services; by Prank M. Zappacosta, Assistant Director,
International Div.
Issue Area: Accounting and Financial Peporting (2800).
Contact: International Div.
Budget Function: Miscellaneous: Financial Management and
Information Systems (1002).
Progress has been made in automating the loan
accounting operations of the Agency for International
Development (AID) . Findings/Conclusions: All loan accounting
has been converted from the manual system approved by GAO in
1968, and the implementation problems then identified have been
resolved. Full documentation of the new, complex, automated
system is warranted to replace the existing loan accounting
manuil. There is still a need for periodic internal financial
audits of the Loan Program and for regularly recurring
independent tests of source data and established procedures.
Although the current manual has always provided for semiannual
internal cherk procedures to verify the validity of loan data
used by the system, such tests were first performed by AID in
1975. Without adequate internal audit activities, management
cannot ensure that its accounting responsibilities are being
effectively met. Recommendations: AID should u)roduce a manual
of the current system, describing jrocedures and controls,
including provisions for periodic internal financial audits and
independent tests of source data and established procedures, and
should submit the documented system to the Comptroller General
for approval. (DJP)
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