The Financial Management Practices of the Department of Education: Hearing Before the Subcommittee on Oversight and Investigations of the Committee on Education and the Workforce, House of Representatives, One Hundred Sixth Congress, First Session, Hearing Held in Washington, DC, December 6, 1999, Volumen4U.S. Government Printing Office, 2000 - 169 páginas |
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1998 financial statements accounting system addition adjustments audit report automated Balance with Treasury budget Chairman Hoekstra Chief Financial Officer Compliance with Laws Congress consolidated financial statements control weaknesses deadline Department of Education disclaimer of opinion dollars EDCAPS ensure Ernst & Young Federal agencies FFMIA financial audit financial management software financial management systems fiscal year 1998 FMSS Ford Fund Balance going GPRA grant identified implemented included independent auditors internal control Jarmon Lampley laws and regulations ledger system Lewis management software package March material weaknesses million November 18 OCFO Office of Inspector OMB Bulletin Pell grants PETER HOEKSTRA prepare problems received recommendations reliable Repeat Condition Report on Compliance Report on Internal responsible result Schaffer Scott September 15 September 30 significant Single Audit Smith student financial student loan supporting documentation testimony Thank transactions trial balance U.S. Department year-end closing process
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Página 141 - A material weakness is a reportable condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions.
Página 138 - Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards.
Página 137 - Providing an opinion on compliance with certain provisions of laws and regulations was not an objective of our audit and, accordingly, we do not express such an opinion. This report is intended solely for the information and use of...
Página 136 - FFMIA, we are required to report whether the agency's financial management systems substantially comply with the Federal financial management systems requirements, applicable Federal accounting standards, and the United States Government Standard General Ledger at the transaction level. To meet this requirement, we performed tests of compliance with FFMIA section 803(a) requirements.
Página 92 - American Institute of Certified Public Accountants and OMB Bulletin No. 98-08, reportable conditions are matters coming to our attention relating to significant deficiencies in the design or operation of the internal control structure that, in our judgment, could adversely affect the entity's ability to record, process, summarize, and report financial data consistent with the assertions by management in the financial statements.
Página 141 - Our procedures were not designed to provide assurance on internal control over reported performance measures, and, accordingly, we do not provide an opinion on such controls.
Página 138 - ... the scope of our work was not sufficient to enable us to express, and we do not express, an opinion on these financial statements.
Página 136 - The management of FCA is responsible for complying with laws and regulations applicable to the agency. As part of obtaining reasonable assurance about whether the agency's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of Laws and regulations, noncompliance with which could have a direct and material effect on the determination of financial statement amounts, and certain other laws and regulations specified in OMB Bulletin No.
Página 124 - The report shall identify those circumstances in which such principles have not been consistently observed in the current period in relation to the preceding period.
Página 92 - However, we noted certain matters involving the internal control and its operation that we consider to be reportable conditions under standards established by the American Institute of Certified Public Accountants.