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NCJ Number: 66084 Add to Shopping cart Find in a Library
Title: GOVERNMENT NEEDS TO DO A BETTER JOB OF COLLECTING AMOUNTS OWED BY THE PUBLIC
Author(s): ANON
Corporate Author: US Comptroller General
United States of America
Date Published: 1978
Page Count: 53
Sponsoring Agency: Azimuth Inc.
Fairmont, WV 26554
US Comptroller General
Washington, DC 20548
Sale Source: Azimuth Inc.
1000 Technology Drive, Suite 3120
Fairmont, WV 26554
United States of America
Language: English
Country: United States of America
Annotation: RESULTS ARE REPORTED FROM A GENERAL ACCOUNTING OFFICE REVIEW OF ACCOUNTS RECEIVABLE FOR 12 FEDERAL AGENCIES.
Abstract: PROMPT COLLECTION ACTION ON AMOUNTS THE PUBLIC AND OTHERS OWE THE GOVERNMENT, AMOUNTING TO $14.6 BILLION IN 1977, HAS BEEN HINDERED BY INACCURACIES IN ACCOUNTING FOR AND REPORTING OF ACCOUNTS RECEIVABLE, LACK OF PROMPT AND AGGRESSIVE COLLECTION ACTION, LOW OR NO INTEREST CHARGES BEING IMPOSED ON DELINQUENT ACCOUNTS, AND INADEQUATE PROVISIONS OR NO PROVISIONS FOR UNCOLLECTIBLE ACCOUNTS IN MOST AGENCIES. THE FINDINGS INDICATE THAT FEDERAL MANAGERS NEED TO STRENGTHEN FINANCIAL MANAGEMENT GENERALLY. EFFORTS SHOULD BE MADE TO ENSURE THAT THE FINANCIAL STATEMENTS SUBMITTED TO THE DEPARTMENT OF THE TREASURY FOR CONSOLIDATION ARE COMPLETE AND ACCURATE, TO OBTAIN THE COMPTROLLER GENERAL'S APPROVAL OF ACCOUNTING SYSTEMS, AND TO ENSURE THAT AN ADEQUATE BUT BALANCED PORTION OF INTERNAL AUDIT RESOURCES ARE DEDICATED TO REVIEWING FINANCIAL STATEMENTS SUBMITTED TO THE DEPARTMENT OF THE TREASURY. THE SECRETARY OF THE TREASURY SHOULD REVISE THE TREASURY FISCAL REQUIREMENTS MANUAL INSTRUCTIONS FOR PREPARATION OF FINANCIAL STATEMENTS SO AS TO REQUIRE ACCOUNTS RECEIVABLE NOT DUE WITHIN A YEAR OR LESS TO BE CLASSIFIED AS NONCURRENT ASSETS, UNRECOVERED BENEFICIARY OVERPAYMENTS TO BE REPORTED AS ACCOUNTS RECEIVABLE AND IDENTIFIED AS SUCH, AND CONSIDERATION TO BE GIVEN TO PAST COLLECTION EXPERIENCE IN COMPUTING AN ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS. THE SECRETARY SHOULD ALSO EMPHASIZE TO GOVERNMENT AGENCIES THE NEED TO REVIEW THEIR FINANCIAL STATEMENTS FOR COMPLETENESS AND ACCURACY BEFORE SUBMITTING THEM FOR CONSOLIDATION. THE OFFICE OF MANAGEMENT AND BUDGET AND THE TREASURY AGREED WITH THE RECOMMENDATIONS AND COMMENTED ON RECENT TREASURY ACTIONS TO REQUIRE GOVERNMENT AGENCIES TO CHARGE INTEREST ON MANY DELINQUENT ACCOUNTS. TABULAR DATA AND LETTERS OF RESPONSES TO THE REPORT ARE CONTAINED IN THE APPENDIXES. (AUTHOR ABSTRACT MODIFIED--RCB)
Index Term(s): Evaluation; Federal government; Financial management; US Government Accountability Office (GAO)
Note: THERE IS A CHARGE FOR MORE THAN ONE COPY REPORT TO THE CONGRESS
To cite this abstract, use the following link:
http://www.ncjrs.gov/App/publications/abstract.aspx?ID=66084

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