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Brought to you by the Council of the Inspectors General on Integrity and Efficiency
Federal Reports
Report Date
Agency Reviewed / Investigated
Report Title
Type
Location
Department of Education
Final Independent Auditors' Report - Fiscal Year 2016 Closing Package Financial Statements
The contracted auditors found that the Department’s FY 2016 Closing Package Financial Statements were presented in accordance with generally accepted accounting principles. However, the auditors identified one material weakness in internal controls over financial reporting. Specifically, transactions valued at more than $30 billion were not properly recorded in the Department’s core financial management system, which resulted in misstatements of more than $600 million (net) to certain account balances reported in the Government-wide Treasury Account Symbol Adjusted Trial Balance System, as well as the corresponding Reclassified Financial Statements.
The National Credit Union Administration Office of Inspector General conducted this review in accordance with the Digital Accountability and Transparency Act of 20141 (DATA Act). Specifically, we conducted this review to gain an understanding of the processes, systems, and controls that NCUA has implemented or plans to implement to report financial and payment data in accordance with the requirements of the DATA Act.
Independent Auditors' Report on The U.S. Nuclear Regulatory Commission's Closing Package Financial Statements as of and for the Year Ended September 30, 2016
The Office of Inspector General issued the audit of PBGC's Financial Statement Closing Package for Fiscal Year 2016 and 2015.The financial statements and accompanying notes contained in the closing package were prepared for the purpose of complying with the requirements of the U.S. Department of the Treasury's Financial Manual (TFM) Volume I, Part 2, Chapter 4700 and the Treasury’s Supplemental Guidance to TFM Volume I, Part 2, Chapter 4700 dated October 17, 2016 for the purpose of providing financial information to the U.S. Department of the Treasury and U.S. Government Accountability Office to use in preparing and auditing the Financial Report of the U.S. Government, and are not intended to be a complete presentation of PBGC's financial statements.We report that the financial statements and accompanying notes presented fairly, in all material respects, the financial position of PBGC as of September 30, 2016 and 2015, and its net costs and changes in net position for the years then ended in conformity with accounting principles generally accepted in the United States of America and the presentation pursuant to the requirements of the TFM Volume I, Part 2 Chapter 4700.
