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Financial Audit: Issues Regarding Reconciliations of Fund Balances With Treasury Accounts

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Report Type Reports and Testimonies
Report Date Oct. 14, 1998
Report No. AIMD-99-3
Subject
Summary:

GAO and others have cited long-standing problems with federal agencies' reconciliation of their fund balances with Department of the Treasury accounts. In June 1997, GAO alerted agency inspectors general and chief financial officers to its concerns about large unreconciled differences and improper agency adjustments. (See GAO/AIMD-97-104R.) A March 1998 GAO report on the government's consolidated financial statements for fiscal year 1997 pointed out that several agencies were still not effectively reconciling their records with Treasury's records of cash disbursements. (See GAO/AIMD-98-127.) As part of its audit of the government's consolidated financial statements, GAO evaluated the overall effectiveness of agencies' reconciliation processes for fund balances with Treasury accounts. GAO also surveyed agencies on their satisfaction with Treasury's role in providing assistance and systems support in their reconciliation efforts. This report presents the results of that work.

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