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Summary of Financial Statement Audit and Management Assurances


Bureau of Resource Management
Report
November 15, 2011

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As described in this report’s section called Departmental Governance, the Department tracks audit material weaknesses as well as other requirements of the Federal Manager’s Financial Integrity Act of 1982 (FMFIA). Below is management’s summary of these matters as required by OMB Circular A-136, Financial Reporting Requirements, revised.

Summary of Financial Statement Audit

SUMMARY OF FINANCIAL STATEMENT AUDIT
Audit Opinion:
 
Qualified – Balance Sheet and Statement of Changes in Net Position
Unqualified – Statement of Net Cost and Statement of Budgetary Resources
Restatement: Yes
MATERIAL WEAKNESSES BEGINNING BALANCE NEW RESOLVED CONSOLIDATED REASSESSED ENDING BALANCE
Financial Reporting 0 1 0 0 0 1
FSNAEB 0 1 0 0 0 1
Total Material Weaknesses 0 2 0 0 0 2

 

Summary of Management Assurances

EFFECTIVENESS OF INTERNAL CONTROL OVER FINANCIAL REPORTING (FMFIA § 2)
Statement of Assurance: Qualified
MATERIAL WEAKNESSES BEGINNING BALANCE NEW RESOLVED CONSOLIDATED REASSESSED ENDING BALANCE
FSNAEB 0 1 0 0 0 1
Total Material Weaknesses 0 1 0 0 0 1

EFFECTIVENESS OF INTERNAL CONTROL OVER OPERATIONS (FMFIA § 2)
Statement of Assurance: Qualified
MATERIAL WEAKNESSES BEGINNING BALANCE NEW RESOLVED CONSOLIDATED REASSESSED ENDING BALANCE
ECA Summer Work Travel Program 0 1 0 0 0 1
Total Material Weaknesses 0 1 0 0 0 1

CONFORMANCE WITH FINANCIAL MANAGEMENT SYSTEM REQUIREMENTS (FMFIA § 4)
Statement of Assurance: Systems conform to financial system management requirements
MATERIAL WEAKNESSES BEGINNING BALANCE NEW RESOLVED CONSOLIDATED REASSESSED ENDING BALANCE
Total Non-conformances 0 0 0 0 0 0

COMPLIANCE WITH FEDERAL FINANCIAL MANAGEMENT IMPROVEMENT ACT (FFMIA)
  AGENCY AUDITOR
Overall Substantial Compliance Yes No
1. System Requirements Yes No
2. Accounting Standards Yes No
3. USSGL at Transaction Level Yes No

DEFINITION OF TERMS

Beginning Balance: The beginning balance shall agree with the ending balance of material weaknesses from the prior year.

New: The total number of material weaknesses that have been identified during the current year.

Resolved: The total number of material weaknesses that have dropped below the level of materiality in the current year.

Consolidation: The combining of two or more findings.

Reassessed: The removal of any finding not attributable to corrective actions (e.g., management has re-evaluated and determined a material weakness does not meet the criteria for materiality or is redefined as more correctly classified under another heading (e.g., section 2 to a section 4 and vice versa)).

Ending Balance: The agency’s year-end balance.

 




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