Page 10 GAO-10-88 Schedules of Federal Debtour internal control testing to controls over financial reporting.. Because of inherent limitations, internal control may not prevent or detect
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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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