111708-Material-Weakness-in-Financial-Statement-Audit

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Federal Communications CommissionWashington, 20554D.C. November l1,2ffi8Mr. Scott BarashActing Chid Executive OfficerUniversal Service Adminstrative Company2000 L Street, NW, Suite 200Washington, DC 20036Re: Material Weakness in Financial Statement AuditDear Mr. Barash:This lener addresses a material weakness in the internal controls of the Universal ServiceAdministrative Company (USAC). As explained below, we require USAC to finish implementingpertaining corrective action to this material weakness ils soon as possible. In addition, we require USACto additional steps undertake to strengthen its internal control over the accounting of the Universal(USF).Service Fund In the course of the Commission's annual financial stat€ments audit, the independent auditoridentified a material weakness in USAC's internal control over its budgetary accounting related to theUSF. The independent auditor described USAC's material weakness in its audit report and has alreadyprovided information to USAC staff concerning the scope of the breakdown. In brief, the independentauditor's conclusion stems from USAC's faiture properly to implement a change to an acceptedaccounting practice concerning the Statement of Budgetary Resources (SBR). USAC staff discussed thechange with Commission (FY) staff in Fiscal Year 20ffl,agreed to implement the change, andlater reported to the and its independent auditor that the change had been fully implemented.when However, the independent ...

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