Federal Reserve Banks:
Areas for Improvement in Computer Controls
GAO-03-525R: Published: Mar 14, 2003. Publicly Released: Mar 14, 2003.
Additional Materials:
- Full Report:
- Accessible Text:
Contact:
(202) 512-8815
contact@gao.gov
Office of Public Affairs
(202) 512-4800
youngc1@gao.gov
In connection with fulfilling our requirement to audit the financial statements of the U.S. government, we audited and reported on the Schedules of Federal Debt Managed by the Bureau of the Public Debt (BPD) for the fiscal years ended September 30, 2002 and 2001. The review addressed both general and application computer controls. General computer controls are the structure, policies, and procedures that apply to an entity's overall computer operations. General computer controls establish the environment in which application systems and controls operate. An effective general control environment helps (1) ensure that an adequate entity-wide program for security management is in place, (2) protect data, files, and programs from unauthorized access, modification, disclosure, and destruction, (3) limit and monitor access to programs and files that control computer hardware and secure applications, (4) prevent the introduction of unauthorized changes to systems and applications software, (5) prevent any one individual from controlling key aspects of computer-related operations, and (6) ensure the recovery of computer processing operations in case of a disaster or other unexpected interruption. An effective application control environment helps ensure that transactions performed by individual computer programs are valid, properly authorized, and completely and accurately processed and reported.
As we reported in connection with our audit of the Schedules of Federal Debt for the fiscal years ended September 30, 2002 and 2001, BPD maintained, in all material respects, effective internal control, including general and application computer controls, relevant to the Schedule of Federal Debt related to financial reporting and compliance with applicable laws and regulations as of September 30, 2002. BPD's internal control provided reasonable assurance that misstatements, losses, or noncompliance material in relation to the Schedule of Federal Debt for the fiscal year ended September 30, 2002, would be prevented or detected on a timely basis. We found matters involving computer controls that we do not consider to be reportable conditions.
Jan 28, 2021
-
Macroprudential Oversight:
Principles for Evaluating Policies to Assess and Mitigate Risks to Financial System StabilityGAO-21-230SP: Published: Jan 28, 2021. Publicly Released: Jan 28, 2021.
Dec 16, 2020
-
Financial Stability:
Agencies Have Not Found Leveraged Lending to Significantly Threaten Stability but Remain Cautious Amid PandemicGAO-21-167: Published: Dec 16, 2020. Publicly Released: Dec 16, 2020.
Dec 10, 2020
-
Federal Reserve Lending Programs:
Use of CARES Act-Supported Programs Has Been Limited and Flow of Credit Has Generally ImprovedGAO-21-180: Published: Dec 10, 2020. Publicly Released: Dec 10, 2020. -
Financial Assistance:
Lessons Learned from CARES Act Loan Program for Aviation and Other Eligible BusinessesGAO-21-198: Published: Dec 10, 2020. Publicly Released: Dec 10, 2020.
Sep 22, 2020
-
Anti-Money Laundering:
Opportunities Exist to Increase Law Enforcement Use of Bank Secrecy Act Reports, and Banks' Costs to Comply with the Act VariedGAO-20-574: Published: Sep 22, 2020. Publicly Released: Sep 22, 2020.
Sep 4, 2020
-
Bank Supervision:
FDIC Could Better Address Regulatory Capture RisksGAO-20-519: Published: Sep 4, 2020. Publicly Released: Sep 4, 2020.
Jul 21, 2020
-
Financial Company Bankruptcies:
Congress and Regulators Have Updated Resolution Planning RequirementsGAO-20-608R: Published: Jul 21, 2020. Publicly Released: Jul 21, 2020.
Jul 6, 2020
-
Public Companies:
Disclosure of Environmental, Social, and Governance Factors and Options to Enhance ThemGAO-20-530: Published: Jul 2, 2020. Publicly Released: Jul 6, 2020.
Apr 30, 2020
-
Priority Open Recommendations:
Department of the TreasuryGAO-20-549PR: Published: Apr 23, 2020. Publicly Released: Apr 30, 2020.
Apr 27, 2020
-
Priority Open Recommendations:
Board of Governors of the Federal Reserve SystemGAO-20-499PR: Published: Apr 20, 2020. Publicly Released: Apr 27, 2020.
Looking for more? Browse all our products here