Control Improvements Needed in Accounting for Treasury Securities at the Federal Reserve Bank of New York
AFMD-84-10
Published: May 02, 1984. Publicly Released: May 02, 1984.
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Highlights
GAO summarized the results of its internal control review of the Federal Reserve Bank of New York's accounting systems for Treasury securities.
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| Board of Governors | The Chairman of the Federal Reserve Board should require the Federal Reserve Bank of New York to: (1) restrict access to the automated systems through terminals with properly safeguarded passwords; (2) strengthen other controls over data input by ensuring key verification of input, separating keying and verifying duties among employees, and monitoring error correction activities; (3) develop documentation for the automated system which contains the master file of securities account balances; (4) fully document all changes to the manual reconciliation of account balances to ensure that all transactions are properly executed and resulting account adjustments are appropriate; and (5) determine the causes of inaccurate information and related incorrect payments to prevent their recurrence. |
Closed – Implemented
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
|
| Department of the Treasury | The Secretary of the Treasury should verify that the corrective actions are fully implemented. |
Closed – Implemented
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
|
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Topics
Accounting errorsAccounting systemsElectronic data processingPasswordsFinancial institutionsInformation disclosureInternal controlsOverpaymentsSecuritiesData errors