Agreed-Upon Procedures Report on Federal Agencies? Centralized Trial Balance System (AUD/FM-03-20)
The Treasury Department annually prepares and submits to the President and the Congress an audited financial statement covering all executive agencies. Each agency is required to furnish certain financial and operational information to the Treasury Department through the FACTS. The Chief Financial Officer of the agency must compare the information submitted through FACTS with the agency financial statements and explain any differences identified.
Under OIG?s direction, a contract auditor performed required procedures solely to assist the Treasury Department, the General Accounting Office, and OMB to evaluate management?s assertion that it compared the summarized FACTS data to the related information in the agency?s consolidated financial statements as of and for the year ended September 30, 2002. The auditor identified no differences, but noted that the Department identified material differences for the accounts grouping worksheet balance sheet that were due to transfer funds. The auditor validated the amount of the difference related to fund balance with the Treasury Department, but the Department did not provide supporting documentation for the difference in unexpended appropriations.
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