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AIMD-98-111R 1 (1998-04-07)

handle is hein.gao/gaobacmcg0001 and id is 1 raw text is: United States G AO General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-279268 April 7, 1998 Mr. Van Zeck Acting Commissioner Bureau of the Public Debt Subject: Management Letter: Schedule of Loans Receivable Serviced by the Bureau of the Public Debt Dear Mr. Zeck: We contracted with the independent public accounting firm of KPMG Peat Marwick LLP (KPMG) to audit the Schedule of Loans Receivable From Federal Entities and Related Interest Receivable Serviced by the Bureau of the Public Debt (BPD) at September 30, 1997. On February 27, 1998, we issued a letter' transmitting KPMG's auditors' report, dated January 23, 1998, which contained (1) an opinion on the Schedule of Loans Receivable, (2) an opinion on management's assertion about the effectiveness of related internal controls, and (3) conclusions on significant laws and regulations. In that letter, we noted that KPMG is responsible for the auditors' report and for the conclusions expressed therein. The purpose of this letter is to advise you of an internal control matter included in the enclosed KPMG management letter, dated January 23, 1998. The matter relates to procedures in place to ensure the reasonableness of interest paid by federal entities on loans receivable. Although this matter was not determined to be a material weakness, KPMG believes that it warrants the attention of management. KPMG provided BPD officials with a draft of the enclosed letter and discussed the matter with them. They agreed with the finding and suggestion and stated that corrective action is being taken. 'Financial Audit: Schedule of Loans Receivable Serviced by the Bureau of the Public Debt (GAO/AIMD-98-66R, February 27, 1998). GAO/AIMD-98-111R Loans Receivable Management Letter /(,o 2-l

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