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GAO-01-880R 1 (2001-07-30)

handle is hein.gao/gaocrptanpy0001 and id is 1 raw text is: SGAO Accountability * Integrity * Reliability United States General Accounting Office Washington, DC 20548 July 30, 2001 The Honorable Charles 0. Rossotti Commissioner of Internal Revenue Subject: Management Letter: Improvements Needed in IRS' Accounting Procedures and Internal Controls Dear Mr. Rossotti: In March 2001, we issued our report on the results of our audit of the Internal Revenue Service's (IRS) financial statements and on the effectiveness of its internal controls as of, and for the fiscal year ending, September 30, 2000.' We also reported our conclusions on IRS' compliance with significant provisions of selected laws and regulations and on whether IRS' systems substantially comply with requirements of the Federal Financial Management Improvement Act of 1996. We are in the process of preparing a separate report addressing the significant internal control and compliance issues identified and highlighted in our March 2001 audit report. The purpose of this letter is to report additional matters identified during our fiscal year 2000 audit regarding accounting procedures and internal controls that could be improved. These matters are not considered material in relation to the financial statements; however, they warrant management's consideration. Results in Brief During fiscal year 2000, IRS had several immaterial internal control issues that affected financial reporting. These issues concern policies and procedures over (1) reimbursable activity, (2) property and equipment (P&E) purchased through the Department of the Treasury's working capital fund (WCF),2 (3) oversight of financial reporting-related contractor support, and (4) transfers of funds between appropriations. Specifically, we found the following. 1Financial Audit. IRS'Fiscal Year2000 Flnancial Statements (GAO-O1-394, Mar. 1, 2001). 2The WCF is a revolving fund established to provide centralized administrative services to be used by more than one bureau or agency. Although the bureaus and agencies provide the funds that finance it, the WCF owns the property and equipment purchased. GAO-01-880R IRS Management Letter

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