Audit of the Consumer Product Safety Commission's Fiscal Year 2024 Financial Statements

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Date Issued

Friday, November 15, 2024

Submitting OIG

Consumer Product Safety Commission OIG

Agencies Reviewed/Investigated

Consumer Product Safety Commission

Report Number

25-A-01

Report Type

Audit

Agency Wide

Yes

Number of Recommendations

Questioned Costs

Funds for Better Use

Report updated under NDAA 5274

Open Recommendations

This report has 9 open recommendations.

Recommendation Number	Significant Recommendation	Recommended Questioned Costs	Recommended Funds for Better Use
6	No	$0	$0
Improve the communication process between offices within the CPSC to ensure relevant and necessary financial reporting information requirements are communicated timely to achieve financial reporting requirements.
7	No	$0	$0
Enhance design, policies, and procedures related to monitoring and oversight of internal controls related to journal entries.
8	No	$0	$0
Review the existing roles for both journal entries and the compensating control of journal entry log recordation, and update as appropriate to ensure segregation of duties.
9	No	$0	$0
Provide training on the importance of internal control and segregation of duties based on updated policies and procedures.
10	No	$0	$0
Document their understanding of the acquisition process and determination of the appropriate recognition date of PP&E in order to update and enhance policies and procedures to align with the requirements of the applicable financial reporting standards.
11	No	$0	$0
Design and implement processes and controls in accordance with those updated policies and procedures to ensure PP&E balances are completely and accurately recorded in the general ledger.
12	No	$0	$0
Establish recurring communication with the appropriate stakeholders to ensure necessary information is available for analysis.
13	No	$0	$0
Design and implement processes and controls for accountable property to ensure accountable property is completely and accurately tracked.
14	No	$0	$0
Formalize and document a policy over prepaid expenses, including consideration of compliance with Generally Accepted Accounting Principles.