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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 the Treasury
FINANCIAL MANAGEMENT: Management Letter for the Audit of the Community Development Financial Institutions Fund's Fiscal Year 2016 Financial Statements
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 controldeficiencies, 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.
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 controldeficiencies, 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.
Challenge 1: Addressing evolving role in the Environmentally Threatened Communities (ETC) Initiative. Challenge 2: Engaging Commissioners in light of conflict-of-interest concerns and funding realities. Challenge 3: Identifying a strategic vision and plan in a period of uncertainty.
