General Fund TAS/ALC Validation

July 7th, 2021

Financial audit report published April 15, 2021

General Fund Financial Audit Update

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L E AD ∙ T RA NS F O RM ∙ D EL I VER 
| Closed                                                                                                | Remained Open                                                                                                        | New                                                                                                 |
|-------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------|
| 18-04 Evaluating and Resolving            Differences on the Schedules of            the General Fund | 18-01 Identifying Journal Entries                                                                                    | 20-01 Supporting Account Attributes           of Active Treasury Account              Symbols (TAS) |
| 18-06 Business Event Type Code (BETC)           Guidance                                              | 18-02 Tracing Payment Schedules            to Payment Vouchers                                                       | 20-02 Account Reconciliation            Requirements for Federal            Agencies                |
| 18-09 Enhance Journal Voucher Review           Procedures                                             | 18-03 Identifying Transactions in           Certain Line Items                                                       | 20-03 Restricting Access to TAS’                                                                    |
| 18-10 Validating Liability for Fund 18-11 Balance with Treasury (LFBWT)                               | 18-05 Management’s Risk Assessment           and Monitoring of Internal           Control Over Financial Reporting   |                                                                                                     |
| 18-12 Prior Period Transactions                                                                       | 18-07 Evaluating BETC Guidance                                                                                       |                                                                                                     |
|                                                                                                       | 18-08 Entity Submission Form Review            and Completeness                                                      |                                                                                                     |

New Recommendations

20-01 Design and implement procedures to periodically review and maintain documentation to support account attributes for all active TAS’ to reasonably assure that activity recorded for each account is properly recognized in the Schedules of the General Fund

20-02 Design and implement procedures to reasonably assure that federal agencies reconcile their account balances per their internal records to the Central Accounting Reporting System (CARS) at the appropriate detailed level to provide for accurate reporting of line items

20-03 Establish controls to restrict access to each TAS to only those federal agencies to which the account belongs

General Fund Financial Audit Update

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L E AD ∙ T RA NS F O RM ∙ D EL I VER 

High Level Plan for Remediation

Create a validation mechanism that each feeder system to CARS can use to ensure that proper TAS/ALC relationships are maintained

Proper being defined as TAS and ALC are related in that they share common key attributes (AID on the TAS and first two digits of ALC being the same)

Anything that would fall out of the traditional relationship should be vetted by Federal Entities and Fiscal Service for confirmation.

Data call forthcoming to help Fiscal Service validate proper relationships. The timing for this data call is TBD at this point.

General Fund Financial Audit Update

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L E AD ∙ T RA NS F O RM ∙ D EL I VER 

Luke Sheppard

Luke.Sheppard@fiscal.treasury.gov

Joe Deem

Joe.deem@fiscal.treasury.gov

Contacts

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L E AD ∙ T RA NS F O RM ∙ D EL I VER 

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