Financial Audit: IRS Fiscal Year 2000 Financial Statements
David M. Walker
DIANE Publishing, 2001 - Business & Economics - 113 pages
This report presents the results of an audit of the financial statements of the Internal Revenue Service (IRS) as of and for the fiscal year ending Sep. 30, 2000. The report contains: (1) an unqualified opinion on IRS' financial statements; (2) opinion that internal controls at IRS as of Sep. 30, 2000, were not effective; and (3) report on IRS' noncompliance with two provisions of laws and regulations that were tested and IRS' financial management systems' lack of substantial compliance with the requirements of the Federal Financial Management Improvement Act of 1996.
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accepted accounting principles amount appropriations assets audit automated Budgetary Resources child tax credit collection Compliance Issues computer security cost Customer Satisfaction Customer Service disbursed Discussion and Analysis efforts EITC employees Ended September 30 February 29 federal taxes receivable FFMIA filing financial management systems financial statements fiscal year 2000 Fiscal Year Ended identified implemented improper refunds improvements installment agreements internal controls Internal Revenue Code Internal Revenue Service inventory IRS recorded KEY PERFORMANCE INDICATORS major systems Management Challenges Material Weaknesses measure represents million obligations Office operations payments percent property and equipment q tested records Reportable Conditions requirements result REVENUE SERVICE Management Revenue Service Notes SERVICE Management Discussion Service's statistical samples Status of Budgetary Tax Administration tax credit tax law tax liability tax lien tax returns Total Treasury U.S. generally accepted undelivered orders Unobligated Balances unpaid assessments walk-in Weaknesses and Management
Page 85 - 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 9 - 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...
Page 106 - Statutory provisions; interest on underpayment, nonpayment, or extension of time for payment, of tax. SEC. 6601. Interest on underpayment, nonpayment, or extensions of time for payment, of tax — (a) General rule. If any amount of tax imposed by this title (whether required to be shown on a return, or to be paid by stamp or by some other method) is not paid on or before the last date prescribed for...
Page 60 - 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 11 - We are responsible for obtaining reasonable assurance about whether (1) the financial statements are presented fairly, in all material respects, in conformity with generally accepted accounting principles...
Page 5 - In accordance with the Chief Financial Officers (CFO) Act of 1990, as expanded by the Government Management Reform Act of 1994...
Page 60 - PROVIDE AMERICA'S TAXPAYERS TOP QUALITY SERVICE BY HELPING THEM UNDERSTAND AND MEET THEIR TAX RESPONSIBILITIES AND BY APPLYING THE TAX LAW WITH INTEGRITY AND FAIRNESS TO ALL.
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 12 - US generally accepted accounting principles, and assets are safeguarded against loss from unauthorized acquisition, use, or disposition, and...