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AIMD-96-31R 1 (1996-01-18)

handle is hein.gao/gaobadwci0001 and id is 1 raw text is: GAO United States General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-270427 January 18, 1996 Ms. Cece Smith Chairman, Board of Directors Federal Reserve Bank of Dallas, Eleventh District 2200 N. Pearl Street Dallas, Texas 75201 Dear Ms. Smith: As part of our response to a request by Representative Henry B. Gonzalez, we reviewed the internal accounting controls of the llth District Federal Reserve Bank (FRB). The control areas covered by the review included the financial reporting process, electronic data processing (EDP) systems, the controls used by the Dallas FRB and its Houston branch to process check transactions, and the procedures the Dallas FRB and its branches within the l1th District used to process Federal Reserve notes. The purpose of this letter is to advise you of the specific control issues we identified and our suggestions for improvement. The enclosures to this letter detail our findings in the following areas: the financial reporting process (enclosure I), EDP systems controls (enclosure II), check processing controls (enclosure III), and currency system controls (enclosure IV). Addressing these control issues will strengthen the overall control environment within the District. In performing this review, we examined those controls providing assurance that balance sheet accounts are properly recorded and the assets of the llth District are properly safeguarded. We observed and tested the controls to determine whether they were in place, adequately designed, and operating effectively. We believe the control matters we identified are significant enough to warrant management's attention. GAO/AIMD-96-31R FRB Internal Controls

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