Financial Audit: Issues Regarding Reconciliations of Fund Balances with Treasury Accounts

摘要

Treasury designed various procedures and controls--called the reconciliation process--aimed primarily at ensuring the reliability of receipt and disbursement data reported by agencies. This monthly reconciliation process--similar in concept to individuals reconciling personal checkbooks with a bank's records each month--is a fundamental accounting practice used by agencies and Treasury and a key internal control over federal receipts and disbursements. Treasury, through its Financial Management Service (FMS), also provides assistance to agencies in the monthly reconciliation of their Fund Balances with Treasury accounts by providing written guidance, training, and day-to-day assistance.