Waste, Fraud, Abuse, and Mismanagement: Hearings Before the Task Force on Education and Training of the Committee on the Budget, House of Representatives, One Hundred Sixth Congress, Second Session, Hearings Held in Washington, DC, May 24 & June 14, 2000, Volume 4

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Page 57 - The powers delegated by the proposed Constitution to the federal government are few and defined. Those which are to remain in the State governments are numerous and indefinite. The former will be exercised principally on external objects, as war, peace, negotiation, and foreign commerce; with which last the power of taxation will, for the most part, be connected.
Page 20 - Reportable conditions are matters coming to the auditors' attention that, in their judgment, should be communicated because they represent significant deficiencies in the design or operation of internal controls that could adversely affect the organization's ability to meet the objectives of reliable financial reporting and compliance with applicable laws and regulations.
Page 22 - IT projects are being implemented at acceptable costs and within reasonable and expected time frames and that they are contributing to tangible, observable improvements in mission performance (ie, that projects are meeting the cost, schedule, and performance commitments upon which their approval was justified). For programs such as SPS, DOD requires this cost, schedule, and performance information to be reported quarterly to ensure that programs do not deviate significantly from expectations.
Page 24 - Education rise to the challenges posed by its financial management weaknesses because its success in achieving all aspects of its strategic objectives depends in part upon reliable financial management information and effective internal controls. It is also important to recognize that several of the financial management issues that have been raised in reports emanating from reviews of Education's financial statements directly or indirectly affect Education's ability to meet its obligations to its...
Page 19 - February 2000. We shared a draft of this statement with Education officials, who provided technical comments. We have incorporated their comments where appropriate. Our work was conducted in accordance with generally accepted government auditing standards. Fiscal Year 1999 Audit Results The Office of Management and Budget's (OMB) implementation guidance for audited financial statements requires the 24 CFO Act agencies to receive three reports from their auditors annually: (1) an opinion or report...
Page 20 - Education did not have adequate internal controls over its financial reporting process. Its general ledger system was not able to perform an automated year-end closing process and directly produce consolidated financial statements as would normally be expected from such systems. Because of these weaknesses, Education had to resort to a costly, labor-intensive, and time-consuming process involving manual and automated procedures to prepare financial statements for fiscal year 1999.
Page 57 - The powers reserved to the several states will extend to all the objects, which, in the ordinary course of affairs, concern the lives, liberties, and properties of the people: and the internal order, improvement, and prosperity of the state.
Page 20 - A material internal control weakness is a reportable condition that precludes the entity's internal controls from providing reasonable assurance that material misstatements in the financial statements or material noncompliance with applicable laws or regulations will be prevented or detected on a timely basis.
Page 8 - Introduction My name is Daniel J. Murrin. I am the National Director of Public Sector Services for Ernst & Young LLP, a public accounting firm. I have been in public accounting for over 20 years, with a specialty in the Public Sector - Federal government.
Page 13 - The objectives of a system are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of financial statements in accordance with generally accepted accounting principles.

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