Audit of the Consumer Product Safety Commission's Fiscal Year 2024 Financial Statements

Improve the communication process between offices within the CPSC to ensure relevant and necessary financial reporting information requirements are communicated timely to achieve financial reporting requirements.

Enhance design, policies, and procedures related to monitoring and oversight of internal controls related to journal entries.

Review the existing roles for both journal entries and the compensating control of journal entry log recordation, and update as appropriate to ensure segregation of duties.

Provide training on the importance of internal control and segregation of duties based on updated policies and procedures.

Document their understanding of the acquisition process and determination of the appropriate recognition date of PP&E in order to update and enhance policies and procedures to align with the requirements of the applicable financial reporting standards.

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

Establish recurring communication with the appropriate stakeholders to ensure necessary information is available for analysis.

Design and implement processes and controls for accountable property to ensure accountable property is completely and accurately tracked.

Formalize and document a policy over prepaid expenses, including consideration of compliance with Generally Accepted Accounting Principles.