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GAO-08-625R 1 (2008-05-27)

handle is hein.gao/gaobaanhw0001 and id is 1 raw text is: im GA 0 S Accountability * Integrity* Reliability United States Government Accountability Office Washington, DC 20548 May 27, 2008 The Honorable Van Zeck Commissioner, Bureau of the Public Debt Subject: Bureau of the Public Debt: Areas for Improvement in Information Security Controls Dear Mr. Zeck: In connection with fulfilling our requirement to audit the financial statements of the U.S. government,' we audited and reported on the Schedules of Federal Debt Managed by the Bureau of the Public Debt (BPD) for the fiscal years ended September 30, 2007 and 2006.2 As part of these audits, we performed a review of the general and application information security controls over key BPD financial systems. In our audit report on the Schedules of Federal Debt for the fiscal years ended September 30, 2007 and 2006, we concluded that BPD maintained, in all material respects, effective internal control relevant to the Schedule of Federal Debt related to financial reporting and compliance with applicable laws and regulations as of September 30, 2007, that provided reasonable assurance that misstatements, losses, or noncompliance material in relation to the Schedule of Federal Debt would be prevented or detected on a timely basis. However, we found matters involving information security controls that we do not consider to be significant deficiencies. As it relates to controls over financial reporting and compliance with applicable laws and regulations, BPD mitigated the potential effect of such control deficiencies with physical security measures, a program of monitoring user and system activity, and compensating management and reconciliation controls. Nevertheless, these matters warrant BPD management's attention and action. '31 U.S.C. § 331(e). 2GAO, Financial Audit: Bureau of the Public Debt's Fiscal Years 2007 and 2006 Schedules of Federal Debt, GAO-08-168 (Washington, D.C.: Nov. 7, 2007). 3A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the entity's ability to initiate, authorize, record, process, or report financial data reliably in accordance with U.S. generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the entity's financial statements that is more than inconsequential will not be prevented or detected. A control deficiency 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 misstatements on a timely basis. GAO-08-625R Information Security Controls at BPD Page 1

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