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

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DIANE Publishing, 1998 - Business & Economics - 46 pages
Presents the results of an audit of the Custodial Financial Statements of the IRS for the FY ending Sep. 30, 1997. These 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 (1) opinion on IRS' Custodial Financial Statements, (2) opinion on IRS management's assertion about the effectiveness of its internal controls, and (3) conclusions on IRS' compliance with laws and regulations.
 

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Page 7 - ... in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions.
Page 28 - Its mission is to collect the proper amount of tax revenue at the least cost to the public, and in a manner that warrants the highest degree of public confidence in the Service's integrity, efficiency, and fairness.
Page 8 - Program (JFMIP) is a cooperative undertaking of the Office of Management and Budget, the Department of the Treasury, the...
Page 41 - Assistant Comptroller General US General Accounting Office 441 G Street, NW. Washington, DC 20548 Dear Mr. Chapin: The Customs Service appreciates the opportunity to review and comment on the General Accounting Office draft report on Customs' accountability and stewardship over property and weapons.
Page 17 - In addition, a substantial portion of the amounts considered receivables is largely uncollectible. Under federal accounting standards, unpaid assessments require taxpayer or court agreement to be considered federal taxes receivable. Assessments not agreed to by taxpayers or the courts are considered compliance assessments and are not considered federal taxes receivable. Assessments with little or no future collection potential are called write-offs. Figure 1 depicts the components of the unpaid assessments...
Page 7 - Accountants, reportable conditions are matters coming to our attention relating to significant deficiencies in the design or operation of the internal control...
Page 9 - Unpaid tax assessments consist of (1) taxes due from taxpayers for which IRS can support the existence of a receivable through taxpayer agreement or a favorable court ruling (federal taxes receivable); (2) compliance assessments where neither the taxpayer nor the court has affirmed that the amounts are owed; and (3) write-offs, which represent unpaid assessments for which...
Page 24 - FFMIA, we are required to report whether the agency's financial management systems substantially comply with the Federal financial management systems requirements, applicable Federal accounting standards, and the United States Government Standard General Ledger at the transaction level.
Page 7 - A material weakness is a condition in which the design or operation of one or more of the internal control...
Page 24 - We did not evaluate all internal controls relevant to operating objectives as broadly defined by FMFIA, such as those controls relevant to preparing statistical reports and ensuring efficient operations. We limited our internal control testing to controls over financial reporting and compliance.

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