Internal Controls : System Problems Affecting Gsa's Financial Reporting: Afmd-88-2 by U S Government Accountability Office (G
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Author: U S Government Accountability Office (G
Number of Pages: 48 pages
Published Date: 27 Jun 2013
Publisher: Bibliogov
Publication Country: United States
Language: English
ISBN: 9781289137441
File Name: Internal.Controls.System.Problems.Affecting.Gsa's.Financial.Reporting.Afmd-88-2.pdf
Download Link: Internal Controls System Problems Affecting Gsa's Financial Reporting Afmd-88-2
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GAO evaluated the General Services Administration's (GSA) system of internal accounting controls to identify ways for improving them and other GSA financial management practices. GAO found that GSA: (1) corrected three of four material internal accounting control weaknesses reported to Congress in 1985; and (2) has initiated corrections for the fourth material weakness and a new material weakness identified in 1986. GAO also found that other uncorrected problems within GSA management included: (1) infrequent assets inventories; (2) inadequate internal controls for its automatic data processing systems, billing processes, and credit card usage; (3) lack of supporting documentation for funds transactions; (4) errors in its consolidated financial statements; (5) improper recording of its financial transactions; and (6) improper application of accounting principles. In addition, GAO found that GSA: (1) automated systems contained many inefficiencies; and (2) used the moving-average cost method for valuing its general supply inventory. GSA agreed with most of these findings, but believed that: (1) its inventory practices were sufficient; (2) the financial transaction discrepancies identified did not materially affect the relevant financial statements; (3) it had achieved adequate control over its automated system operations; (4) its moving-average cost method was preferable to the use of standard costs; and (5) it had already implemented controls over its credit card system.
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