Management Report: Improvements Needed in the Bureau of the Fiscal Service's Information System Controls Related to the Schedule of Federal Debt [open pdf - 251KB]
From the Document: "In connection with our audit of the consolidated financial statements of the U.S. government, we audited and reported on the Schedules of Federal Debt managed by the Department of the Treasury's (Treasury) Bureau of the Fiscal Service (Fiscal Service) for the fiscal years ended September 30, 2020, and 2019. As part of these audits, we assessed key information system controls over Fiscal Service financial systems that are relevant to the Schedule of Federal Debt. As we reported in connection with our audits of the Schedules of Federal Debt for the fiscal years ended September 30, 2020, and 2019, although internal controls could be improved, Fiscal Service maintained, in all material respects, effective internal control over financial reporting relevant to the Schedule of Federal Debt as of September 30, 2020, based on criteria established under 31 U.S.C. [United States Code] § 3512(c), (d), commonly known as the Federal Managers' Financial Integrity Act. Those controls provided reasonable assurance that misstatements material to the Schedule of Federal Debt would be prevented, or detected and corrected, on a timely basis. However, during our fiscal year 2020 audit, we determined that information system control deficiencies--primarily unresolved deficiencies identified in prior audits--continued to collectively represent a significant deficiency in Fiscal Service's internal control over financial reporting."
Government Accountability Office: https://www.gao.gov/