Audit of the Consumer Product Safety Commission's Fiscal Year 2023 Financial Statements

Perform an assessment of employee resources in the Office of Financial Management, Planning, and Evaluation, and other relevant financial process areas to ensure an appropriate complement of resources are in place to manage accounting and reporting matters as they arise and through their normal course of business.

Provide training and supervision for personnel on financial management matters that affect the financial statements, including adhering to accounting policies and procedures, as appropriate, and performing key internal control functions in support of financial reporting.

Develop desktop manuals to assist new personnel in meeting their assigned responsibilities.

Improve the risk assessment process at the financial statement assertion and process level to ensure that CPSC management is appropriately capturing significant changes in the control environment and subsequently responding to those risks.

Implement key monitoring controls over the financial reporting process and develop robust policies and procedures to increase oversight, review, and accountability of accounting events at the process level to ensure the successful implementation of an effective internal control environment.

Perform a risk assessment that considers the relevant standards and financial reporting and disclosure requirements for the estimation of accrued expenses, and the method, data and assumptions used in the estimate.

Develop and update policies and procedures, including the design and implementation of controls, to address the risks identified from the risk assessment and a periodic retrospective review.

Provide training to employees on new or updated policies and procedures.

Document the acquisition process and necessary requirements to determine the appropriate date placed in service for PP&E, and update and enhance policies and procedures to align with the requirements of the applicable financial reporting standards.

Design and implement controls in accordance with the updated policies and procedures to ensure PP&E balances are completely and accurately recorded in the general ledger.

Establish recurring communication with appropriate support office personnel to ensure necessary PP&E information is available for analysis.

Perform a detailed review of PMS and Oracle systems to determine if further adjustments are necessary to the acquisition date of CPSC’s PP&E to reflect the actual date placed in service.

Consult with appropriate support office personnel to perform a detailed analysis of estimated useful lives of PP&E.

Formalize and document a policy over prepaid expenses, including consideration of compliance with GAAP.

Design a control to identify, analyze, and respond to risks related to the reporting of pre-paid expenses.

Perform a thorough analysis of any other potential non-GAAP practices and policies.