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US Treasury: oig05003

US Treasury: oig05003

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Published by: Treasury on Jan 22, 2008
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Audit Report
OIG-05-003Audit of the Office of the Comptroller of the Currency’s FiscalYears 2004 and 2003 Financial StatementsNovember 4, 2004
Office ofInspector General
Department of the Treasury
 
DEPARTMENTOFTHETREASURY
WASHINGTON,
O.C.
20220
OFFICE OF
INSPECTOR
GENERA1
 MEMORANDUM FOR JULIE
L.
 WILLIAMS ACTING COMPTROLLER OF THE CURRENCYFROM 
:
SUBJECT
:
William
H
.
~ugh,
AYp4
Deputy Assistant
~nspector enerai
for Financial Management and InformationTechnology AuditsAudit of the Office of the Comptroller of theCurrency's Fiscal Years 2004 and 2003 FinancialStatementsI
am
pleased to transmit the attached audited Office of theComptroller of the Currency
(OCC)
financial statements forfiscal years 2004 and 2003. We contracted with the independentcertified public accounting firm of
Gardiner
Kamya
&
Associates,PC
(GKA),
an Independent Public Accountant, to audit thefinancial statements of
OCC
as of September 30, 2004 and 2003and for the years then ended. The contract required that theaudit be performed in accordance with generally acceptedgovernment auditing standards; applicable provisions of
OMB's
bulletin, Audit Requirements
for
Federal Financial Statements;and the
GAO/PCIE
Financial Audit Manual.The IPA issued the following reports, which are incorporated inthe attachment:Independent Auditors' Report on financial statements;
0
Independent Auditors' Report on Internal Control overFinancial Reporting; and
0
Independent Auditors' Report on Compliance with Laws andRegulations.In its audit of OCC,
GKA
found that the financial statements
-,
were fairly presented, in all material respects, in conformitywith accounting principles generally accepted in the UnitedStates of America. However,
GKA's
Report on Internal
Control
over Financial Reporting contained the following reportablecondition, which was not considered a material weakness:
 
 
 
Obligations were not accurate and current for someundelivered orders. Errors were noted for 27 out of 75Undelivered Orders selected for testing. These errors,when applied to the total population of Undelivered Orders,projected to an overstatement of $5.8 million. As aresult, OCC management made a corresponding adjustment todecrease the balance of Undelivered Orders on the Statementof Budgetary Resources.GKA found no instances of reportable noncompliance with laws andregulations it tested.GKA also issued a management letter dated October 22, 2004discussing other matters that were identified during the auditbut were not required to be included in the auditors’ reports.In connection with the contract, we reviewed GKA’s reports andrelated documentation and inquired of its representatives. Ourreview, as differentiated from an audit in accordance withgenerally accepted government auditing standards, was notintended to enable us to express, and we do not express, anopinion on the financial statements or conclusions about theeffectiveness of internal control; or a conclusion on compliancewith laws and regulations. GKA is responsible for the attachedauditors’ reports dated October 22, 2004 and the conclusionsexpressed in the reports. However, our review disclosed noinstances where GKA did not comply, in all material respects,with generally accepted government auditing standards.Should you have any questions, please contact me at(202) 927-5400, or a member of your staff may contactMike Fitzgerald, Director, Financial Audits at (202) 927-5789.Attachment

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