Submitting OIG:
Report Description:
Both the Department and FSA received unqualified (clean) opinions on their FY 2012 and FY 2011 financial statements. However, the audit reports noted a material weakness in internal control surrounding the Department’s Debt Management Collection System and ACS Education Servicing System—the legacy Direct Loan servicing system; found modified repeat deficiencies relating to credit reform estimation, financial reporting processes, and controls surrounding information systems; and reported that the Department’s financial management systems did not substantially comply with certain systems requirements of the Federal Financial Management Improvement Act because of the control weaknesses surrounding information systems. A number of recommendations were made to address the weaknesses identified.
Date Issued:
Friday, November 16, 2012
Agency Reviewed / Investigated:
Submitting OIG-Specific Report Number:
A17M0001
Component, if applicable:
Office of Chief Financial Officer
Location(s):
Agency-Wide
Type of Report:
Audit
Questioned Costs:
$0
Funds for Better Use:
$0
Number of Recommendations:
19
View Document:
Attachment | Size |
---|---|
agency-financial-report.pdf | 14.64 MB |
Additional Details Link: