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GAO-02-746R 1 (2002-07-18)

handle is hein.gao/gaobaamag0001 and id is 1 raw text is: I Accountability * Integrity * Reliability United States General Accounting Office Washington, DC 20548 July 18, 2002 The Honorable Charles 0. Rossotti Commissioner of Internal Revenue Subject: Management Report: Improvements Needed in IRS's Accounting Procedures and Internal Controls Dear Mr. Rossotti: In February 2002, we issued our report on the results of our audit of the Internal Revenue Service's (IRS's) financial statements as of, and for the fiscal years ending, September 30, 2001, and 2000,' and on the effectiveness of its internal controls as of September 30, 2001. We also reported our conclusions on IRS's compliance with significant provisions of selected laws and regulations and on whether IRS's financial management systems substantially comply with requirements of the Federal Financial Management Improvement Act of 1996. A separate report on the implementation status of recommendations from our prior IRS financial audits and related financial management reports will be issued shortly. The purpose of this report is to discuss additional matters identified during our fiscal year 2001 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 2001, IRS had a number of internal control issues that affected financial reporting, including safeguarding of assets. These issues concern policies and procedures over (1) receipt of taxpayer payments, (2) courier services that transport taxpayer data, (3) employee fingerprint records, (4) issuance of manual refunds, (5) release of tax liens, (6) recording of property and equipment (P&E) transactions, (7) linking of property and accounting records, (8) software licenses, 1U.S. General Accounting Office, Financial Audit: IRS's Fiscal Year 2001 and 2000 Financial Statements, GAO-02-414 (Washington D.C.: Feb. 27, 2002). GAO-02-746R IRS Management Report

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