Treasury Cash and Debt Management: Comprehensive Written Policies and Procedures Are Needed
AIMD-98-61R
Published: Feb 13, 1998. Publicly Released: Feb 13, 1998.
Skip to Highlights
Highlights
Pursuant to a legislative requirement, GAO reviewed the Department of the Treasury's cash and debt management functions.
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| Office of the Assistant Secretary of the Treasury (Fiscal) | The Acting Fiscal Assistant Secretary of the Treasury should ensure that comprehensive written documentation be developed and maintained for the key processes, systems, and transaction flows related to forecasting the federal government's daily cash balance and complying with the statutory debt ceiling. |
Closed – Implemented
In response to the recommendation, Treasury staff have developed a written operating guide for cash forecasting for Treasury's Office of Cash and Debt Management (OCDM). The guide includes sections for estimating receipts and outlays as well as a section for the debt financing process. According to the Director of OCDM, the guide was developed using GAO's cycle memorandum for cash and debt management that was provided to OCDM in February 1998, and is comparable in detail to the cycle memorandum.
|
| Office of the Assistant Secretary of the Treasury (Fiscal) | The Acting Fiscal Assistant Secretary of the Treasury should direct the Financial Management Service's Assistant Commissioner for Financial Information to develop and maintain comprehensive written documentation for the key processes, systems, and transaction flows related to tracking daily cash receipts and outlays. |
Closed – Implemented
In response to the recommendation, Treasury staff in the Financial Management Service's Funds Control Branch have developed a high-level standard operating procedures document for tracking daily cash receipts and outlays. In addition, detailed standard operating procedures (SOPs) for key processes, systems, and transaction flows related to tracking daily cash receipts and outlays were completed to supplement the high-level document in December 1998.
|
Full Report
Office of Public Affairs
Topics
Accounting standardsAuditing standardsCash managementFederal agency accounting systemsFederal debtFinancial managementFinancial recordsFinancial statement auditsStaff utilizationProjections