United States Government Accountability Office GAO November 2009 Report to the Secretary of the Treasury_part2 pptx

Page 10 GAO-10-88 Schedules of Federal Debt




our internal control testing to controls over financial reporting. Because of
inherent limitations, internal control may not prevent or detect and correct
misstatements due to error or fraud, losses, or noncompliance. We also
caution that projecting any evaluation of effectiveness to future periods is
subject to the risk that controls may become inadequate because of
changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
We did not test compliance with all laws and regulations applicable to BPD.
We limited our tests of compliance to a selected provision of law that has a
direct and material effect on the Schedule of Federal Debt for the fiscal
year ended September 30, 2009. We caution that noncompliance may occur
and not be detected by these tests and that such testing may not be
sufficient for other purposes.
We performed our audit
in accordance with U.S. generally accepted
government auditing standards. We believe our audit provides a
reasonable basis for our opinions and other conclusions.
Agency Comments
In commenting on a draft of this report, BPD concurred with the
conclusions in our report. The comments are reprinted in appendix II.
Gary T. Engel
Director
Financial Management
and Assurance
November 2, 2009
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