Financial Audit: Irs's Fiscal Years 2002 and 2001 Financial Statements

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David M. Walker, Steven J. Sebastian
DIANE Publishing, 2002 - Business & Economics - 136 pages
Because of the significance of Internal Revenue Service (IRS) revenue collections to federal receipts &, in turn, to the consolidated financial statements of the U.S. Government, which the General Accounting Office (GAO) is required to audit, and Congress's interest in financial management at IRS, GAO audits IRS's financial statements annually to determine whether: (1) the financial statements IRS prepares are reliable, (2) IRS management maintained effective internal controls, and (3) IRS complies with selected provisions of significant laws and regulations and its financial systems comply with the Federal Financial Management Improvement Act (FFMIA). Charts and tables.

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Page 131 - SEC. 6601. interest on underpayment, nonpayment, or extensions of time for payment, of tax — (a) General rule.
Page 12 - FMFTA are met; and complying with applicable laws and regulations. We are responsible for obtaining reasonable assurance about whether (1) the financial statements are reliable (free of material misstatement and presented fairly, in all material respects, in conformity with generally accepted accounting principles...
Page 106 - Treasury, and the Office of Personnel Management, working in cooperation with each other and with operating agencies to improve financial management practices throughout the government.
Page 96 - Statement of Federal Financial Accounting Standards No. 7, Accounting for Revenue and Other Financing Sources and Concepts for Reconciling Budgetary and Financial Accounting, requires explanation of any material differences between the information required to be disclosed (including net outlays) in the financial statements and the amounts described as "actual" in the budget of the US government.
Page 81 - Under the accrual method, revenues are recognized when earned and expenses are recognized when liabilities are incurred, without regard to receipt or payment of cash. Budgetary accounting facilitates compliance with legal constraints and controls over the use of Federal funds.
Page 3 - House Committee on Government Reform; House Committee on the Budget; Subcommittee on Government Efficiency, Financial Management, and Intergovernmental Relations, House Committee on Government Reform; and Subcommittee on Oversight, House Committee on Ways and Means.
Page 1 - In accordance with the Chief Financial Officers (CFO) Act of 1990, as expanded by the Government Management Reform Act of 1994...
Page 110 - Material Weaknesses, Report-able Conditions, and Compliance Issues IRS's management of unpaid assessments is hindered by a lack of effective supporting systems. IRS lacks a detailed listing, or subsidiary ledger, that tracks and accumulates unpaid assessments and their status on an ongoing basis. As a result, IRS must rely on a costly, labor-intensive manual compensating process for external reporting. Specifically, to report balances for taxes receivable and other unpaid assessments in its financial...
Page 12 - Compliance with laws and regulations — transactions are executed in accordance with laws governing the use of budget authority and with other laws and regulations that could have a direct and material effect on the financial statements and any other laws, regulations, and government wide policies identified by OMB audit guidance.
Page 7 - Reportable conditions are matters coming to the auditor's attention that, in the auditor's judgment, should be communicated to management because they represent significant deficiencies in the design or operation of internal controls that could adversely affect the...

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