U.S. GAO – Financial Audit: Bureau of the Fiscal Service’s Fiscal Years 2018 and 2017 Schedules of Federal Debt


What GAO Found

In GAO’s opinion, the Bureau of the Fiscal Service’s (Fiscal Service) Schedules of Federal Debt for fiscal years 2018 and 2017 are fairly presented in all material respects, and although internal controls could be improved, Fiscal Service maintained, in all material respects, effective internal control over financial reporting relevant to the Schedule of Federal Debt as of September 30, 2018. GAO’s tests of selected provisions of applicable laws, regulations, contracts, and grant agreements related to the Schedule of Federal Debt disclosed no instances of reportable noncompliance for fiscal year 2018. Although Fiscal Service made progress in addressing prior year deficiencies, unresolved and newly identified deficiencies continued to represent a significant deficiency in Fiscal Service’s internal control over financial reporting related to information system controls, which although not a material weakness, is important enough to merit attention by those charged with governance of Fiscal Service.

From fiscal year 1997, the first year of audit, through September 30, 2018, total federal debt managed by Fiscal Service has increased…

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