IRS Financial Management: Has There Been Any Improvement? : Hearing Before the Subcommittee on Government Management, Information, and Technology of the Committee on Government Reform and Oversight, House of Representatives, One Hundred Fourth Congress, Second Session, September 19, 1996U.S. Government Printing Office, 1997 - 77 pages Distributed to some depository libraries in microfiche. |
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Page 27
... balances , IRS ' plans call for the extracts from these software programs to be available in accordance with the following schedule . -- Data for the first 6 months of fiscal year 1996 will be available by October 1 , 1996 . Data for ...
... balances , IRS ' plans call for the extracts from these software programs to be available in accordance with the following schedule . -- Data for the first 6 months of fiscal year 1996 will be available by October 1 , 1996 . Data for ...
Page 50
... balances to Treasury records through fiscal year 1995 , and we are current through 1996. Fur- thermore , we will ensure that these balances are reconciled on a monthly basis . I might add , when I was here last time I told you that this ...
... balances to Treasury records through fiscal year 1995 , and we are current through 1996. Fur- thermore , we will ensure that these balances are reconciled on a monthly basis . I might add , when I was here last time I told you that this ...
Page 58
... balances to Treasury's records through FY1995 and we are current on our FY1996 reconciliations . Furthermore , we will ensure that these balances are reconciled on a monthly basis . However , we still have transactions in a budget ...
... balances to Treasury's records through FY1995 and we are current on our FY1996 reconciliations . Furthermore , we will ensure that these balances are reconciled on a monthly basis . However , we still have transactions in a budget ...
Page 65
... balances were identified and will be posted to correct the FY1995 balances . The adjustments are currently being reviewed by GAO for appropriateness and accuracy . During FY1996 , we completed the cash reconciliation process by ...
... balances were identified and will be posted to correct the FY1995 balances . The adjustments are currently being reviewed by GAO for appropriateness and accuracy . During FY1996 , we completed the cash reconciliation process by ...
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Expressions et termes fréquents
1996 financial statements Accounting Office administrative system amounts reported auditors balances believe billion bureaus cash CFO Act Chairman Chief Financial Officer cial clean audit opinion clean opinion compliance assessments correct Dave Barry Department Deputy detailed transactions develop documentation DODARO EFTPS ensure Erik Anderson excise taxes federal accounting standards financial audit financial information financial management problems financial management systems financial receivables financial reporting financial statement audit fiscal year 1995 Gene L going hearing HOLLOWAY HORN identify implemented improve Internal Revenue Service IRS financial statements IRS reported issues JOE SCARBOROUGH MALONEY master file ment MICHAEL PATRICK FLANAGAN operations oversight payments payroll PETER BLUTE progress RANDY TATE receipt and acceptance reconciled reliability requirements resolve revenue accounting system revenue system Social Security standard general ledger Stephen Horn Subcommittee tax system modernization taxpayers track Treasury's trillion trying type of tax unqualified opinions verified
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Page 52 - Mr. Chairman and Distinguished Members of the Subcommittee: Good morning. I am pleased to be here today to discuss...
Page 6 - First, the amounts of total revenue (reported to be $1.4 trillion for fiscal year 1995) and tax refunds (reported to be $122 billion for fiscal year 1995) cannot be verified or reconciled to accounting records maintained for individual taxpayers in the aggregate.
Page 49 - It does not mean that the money the IRS is supposed to be collecting or spending has simply disappeared - or somehow been misappropriated. This has not occurred. The Service has two separate financial processes to track funds: the administrative system that handles our appropriated funds and our revenue system that tracks tax collections. It is important to understand these two different systems in...
Page 66 - Mr. Chairman, that concludes my remarks. I would be happy to answer any questions.
Page 3 - Dodaro, Assistant Comptroller General, Accounting and Information Management Division, General Accounting Office, Steven O. App, Deputy Chief Financial Officer, Department of the Treasury, and Anthony Musick, Chief Financial Officer of the Internal Revenue Service. We thank you all for joining us; we look forward to your testimony. [The prepared statement of Hon. Stephen Horn follows:] Opening Statement Stephen Horn "Internal Revenue Services Financial Management: Has There Been Any Improvement?
Page 2 - IRS statements and look at the underlying records, their testing and recalculations of amounts result in totals that are not the same as the totals that the IRS is claiming as correct. Auditors refer to this as being unable to give an opinion on the financial statements. Auditors have been unable to express an opinion on the reliability of the IRS financial statements for any of the four fiscal years from 1992 through 1995. The...
Page 24 - Issues With Revenue IRS' financial statement amounts for revenue, in total and by type of tax, were not derived from its revenue general ledger accounting system (RACS) 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...
Page 25 - IRS' master files; and $148 billion in corporate income taxes— this amount was $6.6 billion more than what was recorded in IRS' master files. Thus, IRS did not know and we could not determine if the reported amounts were correct. These discrepancies also further reduce our confidence in the accuracy of the amount of total revenues collected.
Page 25 - IRS1 master files; $433 billion in social security insurance taxes collected— this amount was $5 billion less than what was recorded in IRS' master files; and $148 billion in corporate income taxes— this amount was $6.6 billion more than what was recorded in IRS
Page 20 - ... could not determine the cause of the cash differences. These differences suggest that IRS did not have proper controls over cash disbursements as well as cash receipts. In addition to its reconciliation problems, we found numerous unsubstantiated amounts. These unsubstantiated amounts occurred because IRS did not have support for when and if certain goods or services were received and, in other instances, IRS had no support at all for the reported expense amount. These unsubstantiated amounts...