Financial Audit: Examination of EPA's Financial Statements for Fiscal Year 1987
AFMD-89-24
Published: Feb 09, 1989. Publicly Released: Feb 09, 1989.
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Highlights
GAO examined the Environmental Protection Agency's (EPA) consolidated financial statements for the year ended September 30, 1987, and the related consolidated statements of revenues and expenses and of changes in financial position and reconciliation to budget for the year then ended.
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| Environmental Protection Agency | To ensure that all agency assets and liabilities are properly accounted for and reported, the Administrator, EPA, should direct agency staff to regularly reconcile general ledger balances with available subsidiary records, program office records, and external sources, and promptly investigate and resolve any discrepancies. |
Closed – Implemented
EPA initiated procedures to reconcile cash differences with Treasury on a monthly basis and to analyze the general ledger to identify differences with subsidy records.
|
| Environmental Protection Agency | To ensure that all agency assets and liabilities are properly accounted for and reported, the Administrator, EPA, should direct agency staff to ensure that the accounting system provides accurate and reliable financial and management records needed to account for and control property assets. |
Closed – Implemented
This recommendation was superseded by the latest report, AFMD-90-20.
|
| Environmental Protection Agency | To ensure that all agency assets and liabilities are properly accounted for and reported, the Administrator, EPA, should direct agency staff to address all property-related findings and recommendations reported by the Superfund auditor in its FY 1987 audit report dated September 21, 1988. |
Closed – Implemented
EPA declined to reconcile the difference between FMS and the Property Control System that existed as of September 30, 1988. However, EPA agreed that a conflict exists between EPA directives and Region 2 General Counsel opinion on the requirement for custodial officers to sign. Custodial officers are still responsible for property if they refuse to sign for it.
|
| Environmental Protection Agency | To ensure that all agency assets and liabilities are properly accounted for and reported, the Administrator, EPA, should direct agency staff to report the property and reconciliation internal control problems, if applicable, in the agency's FY 1988 FMFIA report. |
Closed – Implemented
EPA raised both problems in its FY 1988 FMFIA report.
|
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Topics
Accounting proceduresCivil auditsFederal agency accounting systemsFederal property managementFinancial management systemsFinancial recordsFinancial statement auditsInternal controlsNoncomplianceRegulatory agenciesReporting requirements