OIG LESSONS LEARNED 2004 AUDIT

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OIG LESSONS LEARNED 2004 AUDIT

• Presented byLynette K. Cockrell

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Positives Noted

• Deliverables were generally provided timely.

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Positives Noted

• OCFO and agency audit liaisons were very
  cooperative and made great efforts to provide
  requested information.

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Positives Noted

• Data extracts for FFIS sampling were provided
  timely w/o integrity problems.

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Positives Noted

• OCFO quality control process over deliverables
  was very helpful.

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Positives Noted

• Audit status meetings and coordinating committee
  meetings were useful in keeping everyone informed
  of issues or concerns.

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Positives Noted

• Departmental responses to the issue papers aided
  in preparing our audit report.

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Positives Noted

• Accelerated timeframes were met and unqualified
  opinion was sustained.

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Positives Noted

• New closing package requirements were
  successfully implemented.

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Things Needing Improvement or Emphasis

• Processes for creating and supporting the
  Statement of Financing need improvement.

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Things Needing Improvement or Emphasis

• Adjustments made after yearend need to be
  minimized to include only processes which cannot
  be completed earlier (such as the cash
  adjustments).

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Things Needing Improvement or Emphasis

• Posting models and/or business processes should
  be modified, as appropriate, to process activity
  correctly throughout the year.

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Things Needing Improvement or Emphasis

• Corrective actions for abnormal balances were not
  always made timely.

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Things Needing Improvement or Emphasis

• Continued emphasis is needed on timely, accurate
  and consistent credit reform reporting and audit
  deliverables.

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Examples of Supporting Documents

• 5XXX Revenues
• Contract (relevant pages), Billing schedule,
• Agency Bill/Invoice with Remittance Advice
• Check

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Examples of Supporting Documents

• 6XXX Expenses
• Contract (relevant pages), Purchase Order,
• Travel Voucher Billing schedule, 3rd Party
• Invoice and Remittance Advice
• Shipping documents
• Check

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Examples of Supporting Documents

• 13XX Receivables
• Contract (relevant pages),
• Billing schedule,
• Agency Bill/Invoice with
• Remittance Advice

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Examples of Supporting Documents

• 21XX Payables
• Contract (relevant pages),
• Purchase Order,
• Travel Voucher
• Payment Schedule
• 3rd Party Invoice and Remittance Advice

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Examples of Supporting Documents Continued

• 48XX Unliquidated Obligations
• Original Obligating Documents e.g. contracts,
  purchase orders payment schedules (relevant
  pages), and any worksheets or other additional
  support to show how estimates for obligating
  amounts were arrived at
• Contract modifications (relevant pages), and any
  worksheets or other additional support to show
  how estimates for obligating amounts were arrived
  at Payment Documents(all documents listed under
  expenses)