The Government Management Reform Act of 1994 requires that audited financial statements covering all accounts and associated activities of the Department be submitted annually to the Office of Management and Budget. A Departmentwide audit of the consolidated Fiscal Year 1998 financial statements was conducted by examining internal controls, assessing compliance with laws and regulations, evaluating accounting transaction cycles, and testing selected account balances at various Department facilities. The objective of the Departmentwide audit was to determine whether the Department’s
consolidated financial statements presented fairly, in all material respects, the financial position of the Department as of September 30, 1998 and 1997, and its consolidated net cost, changes in net position, budgetary resources, financing activities, and custodial activities for the fiscal years then ended in conformity with Federal accounting standards. Departmentwide issues are addressed in Audit Report No. IG-FS-99-01, issued February 25, 1999.