Financial Audit: Examination of IRS' Fiscal Year 1992 Financial Statements

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Report Type	Reports and Testimonies
Report Date	June 30, 1993
Report No.	AIMD-93-2
Subject	Accounting procedures Civil audits Federal agency accounting systems Financial management Financial records Financial statement audits Funds management Internal controls IRS Tax System Modernization Program TSM Accounting standards

Summary:

The Internal Revenue Service (IRS), the federal government's largest revenue collector, with tax collections of $1.1 trillion for fiscal year 1992, has historically filed unaudited financial information with the Treasury Department. This year, however, IRS prepared for the first time a comprehensive set of principal financial statements. After auditing IRS' principal financial statements for fiscal year 1992, GAO cannot express an opinion on their reliability because critical supporting information was unavailable and information that was available was generally unreliable. In addition, IRS' internal controls did not effectively safeguard assets, provide a reasonable basis for determining material compliance with laws and regulations, or eliminate material misstatements from the principal financial statements.

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Financial Audit: Examination of IRS' Fiscal Year 1992 Financial Statements