We recommend that USADF Department of Financial Management and Finance and Chief Financial Officer: Reassess the Funds Held Outside of Treasury reconciliation process for ways to improve the process to maximize the use of electronic records and bank access.
We recommend that USADF Department of Financial Management and Finance and Chief Financial Officer: Reassess the Funds Held Outside of Treasury reconciliation process for ways to improve the process to address inactive accounts and close accounts as necessary.
We recommend that USADF Department of Financial Management and Finance and Chief Financial Officer: Revisit the current policy and procedures related to the recording of financial transactions and reconciliation of bank accounts for the Funds Held Outside of Treasury accounts and make the appropriate changes to ensure that the trial balance and financial statements reflect the true course of events that occurred in their appropriate period.
We recommend that USADF Department of Financial Management and Finance and Chief Financial Officer: Reassess the Funds Held Outside of Treasury reconciliation process for ways to improve the process to implement timelines that most align with the financial statement requirements and an adequate review of recorded balances versus what was sent to be recorded.
We recommend that USADF Department of Financial Management and Finance and Chief Financial Officer: Reassess the Funds Held Outside of Treasury reconciliation process for ways to improve the timeliness of the monthly reconciliations.
We recommend that USADF Department of Financial Management and Finance and Chief Financial Officer: Reassess the Funds Held Outside of Treasury reconciliation process for ways to improve the process to revalue account balances monthly with or without bank statements and record the adjustments as needed.