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FINANCIAL AUDIT Federal Financing Bank’s Fiscal Year 1988 Financial Statements_part2

Chúng tôi đã kiểm toán báo cáo tài chính của Ngân hàng tài trợ liên bang cho năm kết thúc vào tháng chín 30,1988, và đã phát hành báo ý kiến của chúng tôi. Là một phần của kiểm toán của chúng tôi, chúng tôi đã thực hiện một nghiên cứu và đánh giá hệ thống kiểm soát kế toán nội bộ trong phạm vi chúng tôi coi là cần thiết để đánh giá hệ thống theo yêu cầu của chuẩn mực kiểm toán được chấp nhận chung của chính phủ. | This is trial version -www.adultpdf.com Report on Internal Accounting Controls We have audited the financial statements of the Federal Financing Bank for the year ended September 30 1988 and have issued our opinion thereon. As part of our audit we made a study and evaluation of the system of internal accounting controls to the extent we considered necessary to evaluate the system as required by generally accepted government auditing standards. The purpose of our study and evaluation was to determine the nature timing and extent of the auditing procedures necessary for expressing an opinion on the Bank s financial statements. For purposes of this report we have classified the significant internal accounting controls into the following categories borrowing expenditures financial reporting and lending. Our study included all of the control categories listed above but we did not evaluate the internal accounting controls over all functions within the categories. Because we identified significant internal accounting control weaknesses we limited our study and evaluation to a preliminary review of all of the control categories listed above and expanded our substantive audit tests. Our study and evaluation was more limited than would be necessary to express an opinion on the system of internal accounting controls taken as a whole or on any of the categories of controls previously identified. The Bank s management is responsible for establishing and maintaining a sỷstem of internal accounting controls in accordance with the Accounting and Auditing Act of 1950 and the Federal Managers Financial Integrity Act of 1982. In fulfilling this responsibility estimates and judgments by management are required to assess the expected benefits and related costs of control procedures. The objectives of a system of internal accounting controls are to provide management with reasonable assurance that 1 obligations and costs are in compliance with applicable laws 2 funds property and other