The Government Accountability Office ("GAO") has released their financial audit and report of the IRS's Fiscal Years 2011 and 2010 Financial Statements. According to the report, the IRS, while making improvements to recognize and address deficiencies, continues to have deficiencies involving:
(1) a material weakness in internal control over unpaid tax assessments and information
security:
(2) a significant deficiency in its internal control over tax refund disbursements;
(3) noncompliance with the law concerning the timely release of tax liens; and
(4) financial management systems' lack of substantial compliance with FFMIA
requirements
See GAO, "Financial Audit: IRS's Fiscal Years 2011 and 2010 Financial Statements," (Nov. 10, 2011).
Posted by Brian Spring, Associate Editor, Wealth Strategies Journal.
(1) a material weakness in internal control over unpaid tax assessments and information
security:
(2) a significant deficiency in its internal control over tax refund disbursements;
(3) noncompliance with the law concerning the timely release of tax liens; and
(4) financial management systems' lack of substantial compliance with FFMIA
requirements
See GAO, "Financial Audit: IRS's Fiscal Years 2011 and 2010 Financial Statements," (Nov. 10, 2011).
Posted by Brian Spring, Associate Editor, Wealth Strategies Journal.
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