Weaknesses in the Coast Guard's Financial Management System

FGMSD-77-6: Published: Dec 16, 1976. Publicly Released: Dec 16, 1976.

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Results are reported of a questionnaire survey of ten Coast Guard districts and the Coast Guard Academy to evaluate procedures and controls applicable to revenue and expenditure transactions. Responses were obtained primarily through interviews and discussions with officials of the district offices and the Academy.

A need was found to: (1) improve procedures for recording and collecting receivables; (2) immediately log in collections received through the mail; (3) explain the reasons for lost discounts on vouchers; (4) strengthen accountability for imprest funds; and (5) explain the basis used in estimating obligations on the obligating documents. Many of the weaknesses noted could have been corrected sooner if district officers had been audited regularly by the Department of Transportation internal audit staff.

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