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Financial Audit: Examination of IRS' Fiscal Year 1997 Custodial Financial Statements

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Report Type Reports and Testimonies
Report Date Feb. 26, 1998
Report No. AIMD-98-77
Subject
Summary:

The Internal Revenue Service's (IRS) Custodial Financial Statements report the assets, liabilities, and results of activities related solely to IRS' custodial responsibilities for implementing federal tax legislation, including collecting federal tax revenues, refunding overpayments of taxes, and pursuing collections of amounts owed. This report contains GAO's (1) opinion on IRS' Custodial Financial Statements, (2) opinion on IRS management's assertion about the effectiveness of internal controls, and (3) conclusions on IRS' compliance with significant provisions of laws and regulations and on whether its systems complied with requirements of the Federal Financial Management Improvement Act of 1996. This report also discusses significant matters that GAO considered in performing its audit and in reaching conclusions, including identified weaknesses in IRS' internal controls and noncompliance with laws and regulations.

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