Financial Audit: Examination of IRS Fiscal Year 1994 Financial Statements
DIANE Publishing, 1996 - 175 pages
Presents the results of an audit on the Principal Statements of the IRS for fiscal years 1994 and 1993. Assesses IRS' internal controls and compliance with laws and regulations. Discusses the scope and severity of IRS' financial management and control problems, the adverse impact of these problems on IRS' ability to effectively carry out its mission, and IRS' actions to remedy the problems.
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accounts receivable actions activities addition adjustments Administrative agencies allow amount analysis appropriations assessments assets audit balances budget burden cash changes collection complete compliance confidence Continued corporate Corrective Actions cost credits Custodial detailed determine develop differences documentation effective efforts employees Ended September 30 ensure errors established estimated example excise taxes expenses Federal Figure financial statements fiscal year 1994 Fiscal Years Ended forms funds identified implemented improve included increase Indicators individual Integrity interest INTERNAL REVENUE SERVICE inventory issues laws ledger liabilities limited master file matching measure million needed Note Office operations payments penalties Performance period Position prepare problems procedures receipts reconcile records reduce refunds reliable reported requirements resolve responsible result sample seized service centers significant specific statements Supplemental tax returns taxpayer transactions Treasury trust valid
Page 58 - The purpose of the Internal Revenue Service is to collect the proper amount of tax revenue at the least cost; serve the public by continually improving the quality of our products and services; and perform in a manner warranting the highest degree of public confidence in our integrity, efficiency, and fairness.
Page 87 - OMB, the statements are in addition to the financial reports used to monitor and control budgetary resources which are prepared from the same books and records. • The statements should be read with the realization that they are for a component of the US Government, a sovereign entity.
Page 7 - ... or its master files of detailed individual taxpayer records. This is because RACS did not contain detailed information by type of tax, such as individual income tax or corporate tax, and the master file cannot summarize the taxpayer information needed to support the amounts identified in RACS. As a result, IRS relied on alternative sources, such as Treasury schedules, to obtain the summary total by type of tax needed for its financial statement presentation. IRS asserts that the Treasury amounts...
Page 12 - ... tax return, for 524 transactions, or 12 percent. Because the documentation was lost, physically destroyed or, by IRS policy, not maintained, some of the transactions supporting reported financial balances could not be substantiated, impairing IRS' ability to research any discrepancies that occur. IRS is authorized to offset taxpayer refunds with certain debts due to IRS and other government agencies. Before refunds are generated, IRS policy requires that reviews be performed to determine if the...
Page 104 - They have been prepared from the books and records of the Service in accordance with the form and content for entity financial statements specified by the Office of Management and Budget (OMB) in OMB Bulletin 94-01. and the Service's accounting policies which are summarized in this note.
Page 87 - The statements should be read with the realization that they are for a component of a sovereign entity, that liabilities not covered by budgetary resources cannot be liquidated without the enactment of an appropriation, and that the payment of all liabilities other than for contracts can be abrogated by the sovereign entity.
Page 124 - Revenues and expenditures applicable to agency operations are properly recorded and accounted for to permit the preparation of accounts and reliable financial and statistical reports and to maintain accountability over the assets.
Page 108 - Section 2410 of Title 28, the revolving fund can be used to redeem real property foreclosed upon by a holder of a lien which is superior to the tax lien. Real property is redeemed when the Service pays the lienholder the amount bid at sale plus interest and certain post-sale expenses. The Service may then sell the property, reimburse the fund and apply the net proceeds to the outstanding tax obligation. The revolving fund is reimbursed from the proceeds of the sale in an amount equal to the outlay...
Page 14 - ... from face value rather than carrying a coupon rate of interest. Treasury Note A federal debt instrument with a maturity from 1 to 10 years. Treasury Bond A federal debt instrument with a maturity of more than 10 years. Trust Fund Accounts See under Account in the President's Budget Undelivered Orders The value of goods and services ordered and obligated which have not been received. This amount includes any orders for which advance payment has been made but for which delivery or performance has...
Page 15 - Claim for credit or refund of an overpayment of any tax imposed by this title in respect of which tax the taxpayer is required to file a return shall be filed by the taxpayer within 3 years from the time the return was filed or 2 years from the time the tax was paid...