Title of Report [omit “Audit of”]

September 2008 Report No. AUD-08-017 FDIC’s Controls Over Contractor Invoice Approval, Payment, and Posting to the General Ledger AUDIT REPORT Report No. AUD-08-017 September 2008 FDIC’s Controls Over Contractor Invoice Approval, Payment, and Posting to the Federal Deposit Insurance Corporation General Ledger Why We Did The Audit Audit Results Of the FDIC’s $992 million in calendar-year 2007 operating expenses, over $250 million represents The FDIC has established and implemented generally adequate controls over amounts paid for contracted goods and services. contractor invoice approval, payment, and posting to the general ledger. The Through June 2008, $121 million of $495 million in NFE provides an audit trail from the authorized invoice approval through posting operating expenses was for contractor payments, part of of the payment transactions. Additionally, the FDIC has enhanced its Contract which was paid based on contractor invoices. Oversight Management Program to ensure that Oversight Managers (OM) receive and complete training regarding their roles in independently reviewing and The audit objective was to assess the FDIC’s controls approving contractor invoices for payment. over contractor invoice approval, payment, and posting to the General Ledger. Our review included a sample of Based on ...