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090214 1 (1975-04-10)

handle is hein.gao/gaobacvxe0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON REGIONAL OFFICE FIFTH FLOOR 803 WEST BROAD STREET FALLS CHURCH, VIRGINIA 22046 APR 10 1975 Mr. Edward F. Phelps., Controller Office of the Controller Z. Federal Deposit Insurance Corporation ;550 Seventeenth Street, NW. Washington, D.C. 20429 Dear Mr. Phelps: In the course of our recently completed audit of the Corporation's fiscal year 1974 financial statements we noted that the format of the Accounting and Budget Branch's organization manual is being revised. The proposed format for the new Policy and Procedures Manual is in two parts: (1) Organization and Policy Guide and (2) Procedural Guides. Realizing that this is an ongoing effort, we discussed the progress and plans with your associates and believe your efforts have been properly directed. We would like to suggest at this time that consid- eration be given to including, as part of the manual, pro forma journal entries for the monthly recurring trans- actions. The pro forma entry should include (1) the account number and title for the accounts iqvolved, (2) reference to the source documentation, (3) the person res- ponsible for preparing the entry, and (4) an explanation of the journal entry. We believe this information would be a meaningful addition to your manual and should result in a more efficient recording of the recurring journal entries. We want to call your attention to a weakness in internal controls that continues to exist. In prior years we have advised your associates that the names of unauthorized persons are on the signature cards maintained by commerical banks for liquidators' collection and imprest accounts. As you are aware, the only signatures which should be on these cards are those of officials authorized to draw on the accounts. We suggest that you take appropriate action to assure that the names of unauthorized persons are removed from the signature cards.

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