State Bank Reconciliations

AIMD-96-51R: Published: Mar 13, 1996. Publicly Released: Mar 13, 1996.

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GAO reviewed the State Department's guidance and efforts to reconcile 24 inactive foreign currency bank accounts at its Mexico City Financial Services Center (FSC). GAO noted that: (1) State has identified almost all of the differences between the 24 bank account balances and FSC book balances; (2) the reconciliation process reduced the accounts' unexplained balances to $8.3 million which was offset against about $8.3 million that accumulated in an FSC cash suspense account; (3) the offset resulted in a net gain of $14,361; (4) the reconciliation process was thorough and conscientious and State plans to implement bank reconciliation guidelines that it developed during the process; (5) FSC has performed only a few of the required monthly reconciliations of its 46 active foreign currency accounts since their establishment in 1990, but State plans to reconcile these accounts before FSC is moved to Charleston, South Carolina; and (6) the Charleston FSC must routinely perform monthly reconciliations so that strong internal controls are maintained and accounts comply with Treasury regulations.

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