The Library Continues to Face Challenges Ensuring Effective Financial Management and Reporting

What Office of Inspector General Evaluated

The evaluation’s objectives were to report on the progress made by the Library in addressing the material weakness, significant deficiencies, and noncompliance with laws and regulations reported by the independent public accountants during their FY 2017 Library financial statements audit.

What Office of Inspector General Found

• The Library has made improvements on decreasing the number of material weaknesses and significant deficiencies since FY 2017 but more work remains
• The Library faces challenges with implementing an effective IT cost accounting methodology.

What Office of Inspector General Recommends

• Develop an integrated master schedule for identified control  deficiencies relating to financial management and reporting that presents all key activities to mitigate, their appropriate timing, associated costs, milestones, and other resources
• Take a greater leadership role with implementing Technology Business Management including taking steps to equip itself with the required skills and resources it needs to improve and further develop technology business management, such as hiring cost accountants
• Work collaboratively with the Office of the Chief Information Officer and the Human Capital Directorate to implement a more robust solution to properly capture all internal labor costs attributed to capital investments for personnel involved  with software development.