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GAO-20-399R 1 (2020-03-31)

handle is hein.gao/gaobaeavf0001 and id is 1 raw text is: cAO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 March 31, 2020 Mr. Timothy E. Gribben Commissioner Bureau of the Fiscal Service Department of the Treasury Management Report: Improvements Needed in the Bureau of the Fiscal Service's Information System Controls Related to the Schedules of the General Fund Dear Mr. Gribben: In connection with fulfilling our requirement to audit the consolidated financial statements of the U.S. government,' we were engaged to perform an audit of the Schedules of the General Fund, which the Department of the Treasury's (Treasury) Bureau of the Fiscal Service (Fiscal Service) manages, as of, and for the fiscal year ended, September 30, 2018.2 As reported in connection with our audit of the Schedules of the General Fund for the fiscal year ended September 30, 2018, we identified a significant deficiency in internal control over certain Fiscal Service information systems.3 We issued a LIMITED OFFICIAL USE ONLY management report presenting the deficiencies identified during our fiscal year 2018 testing of information system controls over key Fiscal Service financial systems relevant to the Schedules of the General Fund and associated recommendations to address them.4 As we reported in connection with our audit of the Schedules of the General Fund for the fiscal year ended September 30, 2018, certain significant deficiencies in internal control over financial reporting and other limitations on the scope of our work resulted in conditions that prevented us from expressing an opinion. Given the magnitude of some of our findings, we did not conduct an audit of the Schedules of the General Fund as of, and for the fiscal year ended, September 30, 2019, in order to provide Fiscal Service an opportunity to implement remediation efforts. However, during fiscal year 2019, we followed up on the status of fiscal year 2018 deficiencies and performed testing of information system controls for key Fiscal Service financial systems to 1Government Management Reform Act of 1994, Pub. L. No. 103-356, § 405(c), 108 Stat. 3410, 3416-17 (Oct. 13, 1994), codified at 31 U.S.C. § 331 (e)(2). 2GAO, Financial Audit: Bureau of the Fiscal Service's Fiscal Year 2018 Schedules of the General Fund, GAO-1 9-185 (Washington, D.C.: May 15, 2019). 3A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control over financial reporting that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. 4GAO, Management Report: Improvements Needed in the Bureau of the Fiscal Service's Information System Controls Related to the Schedules of the General Fund, GAO-1 9-463RSU (Washington, D.C.: May 15, 2019). GAO-20-399R Information System Controls at Fiscal Service Page 1

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