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

Date Issued
Report Number
24-A-02
Report Type
Audit
Number of Recommendations
16
Description
The audit was performed under a contract with, and monitored by, the Office of Inspector General (OIG), in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and applicable provisions of Office of Management and Budget (OMB) Bulletin No. 24-01, Audit Requirements for Federal Financial Statements.
Questioned Costs
$0
Funds for Better Use
$2500000
View report on Oversight.gov
Download a PDF of this Report

Open Recommendations

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.

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.