General Fund Financial Audit Update and Validation Recommendations

The general fund financial audit update provides insights into improving financial processes and controls. It includes recommendations for validating account attributes, reconciling balances, and restricting access to Treasury Account Symbols (TAS). The plan for remediation focuses on creating a validation mechanism to maintain proper TAS/ALC relationships. Federal entities and Fiscal Service are involved in vetting non-traditional relationships. Data call forthcoming will aid in validating these relationships.

• Financial Audit
• Validation
• Account Attributes
• Reconciliation
• TAS

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1. General Fund TAS/ALC Validation July 7th, 2021

2. General Fund Financial Audit Update Financial audit report published April 15, 2021 Closed Remained Open New 18-04 Evaluating and Resolving Differences on the Schedules of the General Fund 18-01 Identifying Journal Entries 20-01 Supporting Account Attributes of Active Treasury Account Symbols (TAS) 18-06 Business Event Type Code (BETC) Guidance 18-02 Tracing Payment Schedules to Payment Vouchers 20-02 Account Reconciliation Requirements for Federal Agencies 18-09 Enhance Journal Voucher Review Procedures 18-03 Identifying Transactions in Certain Line Items 20-03 Restricting Access to TAS 18-10 Validating Liability for Fund 18-11 Balance with Treasury (LFBWT) 18-05 Management s Risk Assessment and Monitoring of Internal Control Over Financial Reporting 18-12 Prior Period Transactions 18-07 Evaluating BETC Guidance 18-08 Entity Submission Form Review and Completeness Page2 L E AD T RA NS F O RM D EL IVER

3. General Fund Financial Audit Update New Recommendations 20-01Design and implement procedures to periodically review and maintain documentation to support account attributes for all active TAS to reasonably assure that activity recorded for each account is properly recognized in the Schedules of the General Fund 20-02Design and implement procedures to reasonably assure that federal agencies reconcile their account balances per their internal records to the Central Accounting Reporting System (CARS) at the appropriate detailed level to provide for accurate reporting of line items 20-03Establish controls to restrict access to each TAS to only those federal agencies to which the account belongs Page3 L E AD T RA NS F O RM D EL IVER

4. General Fund Financial Audit Update High Level Plan for Remediation Create a validation mechanism that each feeder system to CARS can use to ensure that proper TAS/ALC relationships are maintained Proper being defined as TAS and ALC are related in that they share common key attributes (AID on the TAS and first two digits of ALC being the same) Anything that would fall out of the traditional relationship should be vetted by Federal Entities and Fiscal Service for confirmation. Data call forthcoming to help Fiscal Service validate proper relationships. The timing for this data call is TBD at this point. Page4 L E AD T RA NS F O RM D EL IVER

5. Contacts Luke Sheppard Luke.Sheppard@fiscal.treasury.gov Joe Deem Joe.deem@fiscal.treasury.gov Page5 L E AD T RA NS F O RM D EL IVER