The new information system has not been entirely implemented in the meaning that it still in the stages of control and testing. Once its implementation has been completed, the FMIS is expected to perform the following tasks:
Support the financial audit conducted by the General Accountability Office
Prepare the financial statements of the Internal Revenue Service
Prepare reports for trending on operational impact
Feed the BPMS (the Business Performance Management System), the CCW (Compliance Data Warehouse) and the CAP (Custodial Accounting Project)
Retrieve the information necessary for the Federal Payment Levy Program (FPLP), and finally
Analyze and report on modules with credit balances belonging to frozen credit processes (Website of the Internal Revenue Service, 2008)
The GAO is a powerful organization, with a high role in the American Congress. While their progresses through the recent years are significant, they tend to disagree in saying the same about the Internal Revenue Service. With the completion of their annual audits, the General Accountability Office has stated that the IRS is still a long way from becoming a highly organized entity. "For years, the Internal Revenue Service has had poor internal controls over financial reporting, and this past fiscal year was no exception" says an article in the CFO Magazine. Sarah Johnson, the author of this article points out other findings of the GOA relative to the IRS. A relevant one is that the governmental institution has indeed managed to register some improvements throughout the past recent years and is therefore given the adherent credit. These improvements refer mainly to dealing with the problems they were facing in terms of financial management. The efforts in this direction were concentrated to increasing the quality of the control over unpaid tax collections. Doubt still...
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" The determination for marketable security with respect to disproportionate distribution is accomplished by reducing the amount of marketable securities that is treated as money using the following steps: 1. The excess of the partner's share of net gain that would be recognized if all securities of the type distributed held by the partnership immediately before the transaction were sold at fair market value over 2. The partner's share of gain that would
One of the most significant disadvantages, and potentially dangerous aspects, to outsourcing is the transfer of sensitive data, according to Klosek. Auditing outsourcers may subcontract their services, unless it is specifically stated in the contract that they cannot do so without the organization's consent. If subcontracting does occur, and is not provided for in the contract, the outsourcer may not be liable for functions that were subcontracted. However, just as financial scandals
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