Audit of AmeriCorps’ Fiscal Year 2022 National Service Trust Fund Financial Statements
Open Recommendations
Complete a detailed performance diagnostic and gap analysis on AmeriCorps’ financial management personnel, processes, and systems, including a root cause analysis, and then develop, design, and implement a plan toward short- and long-term goals.
Perform intermediate assessments of the effectiveness of its executed plans and final evaluations of its financial management operations to ensure desired results are achieved.
Develop a process to understand the root causes and conditions behind each control deficiency and the discrepancies between the control deficiencies identified by AmeriCorps’ internal control testing and those reported by the external auditors. The document should consider the information presented to the Risk Management Council and their decisions, as well as any other considerations used in determining the classification of the control deficiency. Furthermore, this understanding should be used to develop and implement CAPs to address the deficiencies.
Require each department head to be responsible and accountable for timely developing and implementing CAPs and require each department’s staff to test the design and effectiveness of each CAP as implemented to ensure that it achieves the desired results.
Revise the Business Process Narratives to incorporate significant changes in the current financial and control environment.
Develop and implement effective controls, including a quality assurance process, necessary to ensure that: (New)
accounting and reporting are in accordance with U.S. GAAP and financial information is presented in compliance with OMB A-136.
account balances are accurate as of and through the reporting period.
the proper validation, review, and approval over financial reporting and the AMR compilation.
Develop, identify and make available the training necessary to ensure that staff obtain and update the skills necessary to ensure compliance with: (New)
FASAB concept and accounting standards.
OMB A-123.
OMB A-136.
GAO Disclosure checklist.
Treasury’s U.S. Standard General Ledger annual update.
the correct use of the Business Event Transaction Codes (BETC) when submitting transactions to Treasury.
Develop and implement financial reporting internal controls to analyze and address the root causes of the need for journal entries and the corrective actions in financial management systems to reduce the necessity of future journal entries.
Verify and validate the underlying input data to the TOLM.
After the verification and validation, reassess its assumptions and consider expanding the subjective elements of the calculation (i.e., those based on changes to the economy and the job market) to include changes in the way awards are utilized.