United States Government Accountability Office GAO November 2011 Report to the Secretary of the Treasur_part2 docx

Page 10 GAO-12-164 Schedules of Federal Debt In order to fulfill these responsibilities, we • examined, on a test basis, evidence supporting the amounts and disclosures in the Schedules of Federal Debt; • assessed the accounting principles used and any significant estimates made by management; • evaluated the overall presentation of the Schedules of Federal Debt; • obtained an understanding of the entity and its operations, including its internal control over financial reporting relevant to the Schedule of Federal Debt; • considered BPD’s process for evaluating and reporting on internal control over financial reporting relevant to the Schedule of Federal Debt based on the criteria established under FMFIA; • assessed the risk that a material misstatement exists in the Schedule of Federal Debt and the risk that a material weakness exists in internal control over financial reporting relevant to the Schedule of Federal Debt; • evaluated the design and operating effectiveness of internal control over financial reporting relevant to the Schedule of Federal Debt based on the assessed risk; • tested internal control over financial reporting relevant to the Schedule of Federal Debt; • tested compliance in fiscal year 2011 with the (1) statutory debt limit (31 U.S.C. §§ 3101 and 3101A); (2) suspension and early redemption of investments from the Civil Service Retirement and Disability Fund (CSRDF) (5 U.S.C. § 8348(j),(k)); and (3) suspension of investments from the Government Securities Investment Fund (G-Fund) (5 U.S.C. § 8438(g)); and • performed such other procedures as we considered necessary in the circumstances. Internal control over financial reporting relevant to the Schedule of Federal Debt is a process effected by those charged with governance, This is trial version www.adultpdf.com . financial reporting relevant to the Schedule of Federal Debt; • evaluated the design and operating effectiveness of internal control over financial reporting relevant to the Schedule of Federal. financial reporting relevant to the Schedule of Federal Debt; • considered BPD’s process for evaluating and reporting on internal control over financial reporting relevant to the Schedule of Federal. based on the assessed risk; • tested internal control over financial reporting relevant to the Schedule of Federal Debt; • tested compliance in fiscal year 2011 with the (1) statutory debt