Submitting OIG:
Report Description:
The OIG’s contracted auditors found that the FY 2016 financial statements for the Department and FSA were presented fairly in all material respects, in accordance with generally accepted accounting principles. However, the auditors identified two significant deficiencies in internal control over financial reporting: (1) The auditors found significant deficiencies in controls over the Department’s processes for model design and development, risk assessment, model operation and validation, and oversight. (2) The auditors found persistent information technology control
deficiencies, including security management, access controls, and configuration management, which can increase the risk of unauthorized access to the Department’s systems used to capture, process, and report financial transactions and balances, affecting the reliability and security of the data and information.
Date Issued:
Monday, November 14, 2016
Agency Reviewed / Investigated:
Submitting OIG-Specific Report Number:
A17Q0002
Component, if applicable:
Federal Student Aid
Location(s):
Agency-Wide
Type of Report:
Audit
Questioned Costs:
$0
Funds for Better Use:
$0
Number of Recommendations:
13
Report updated under NDAA 5274:
No
View Document:
Attachment | Size |
---|---|
FY17-FSA-Annual-Report-FY-2016040424v100SECURED.pdf | 16.09 MB |
Additional Details Link: