Audit Reports

Establish procedures and controls, at the appropriate level of precision, for unusual or infrequent events (e.g. system implementations, changes in accounting principles, or implementation of new accounting standards) in order to prevent or detect and correct a misstatement to the financial statements. Specifically for IT system implementations, establish an IT steering committee that is composed of management from all relevant stakeholder functional areas, including the IT office, program office, and financial reporting office to ensure that system implementation meets the needs of all users and that policies, procedures, and system controls are appropriately redesigned, as necessary, to respond to the process changes resulting from the system implementation

Establish policies, procedures, and controls over the periodic review of inventory unit values and develop the process for extracting the necessary reports and recording the adjustments in LCSS.

Establish policies, procedures, and controls to ensure that the inventory values assigned by LCSS are appropriate based on the asset condition.

Establish policies, procedures, and controls to reconcile the inventory items that exist in the warehouse and are recorded in WMS with the inventory items recorded in LCSS.

Perform an analysis of inventory by accounting groups and condition classifications to ensure that assets are recorded in LCSS with the appropriate condition code and the appropriate value

Provide training to the repair shop technicians on the new process of applying costs to LCSS shop orders to ensure repair costs are completely and accurately recorded.

Revise its policies and procedures to ensure that all assets, regardless of whether or not the assets were capitalized into PPE or expensed, that may require future decommissioning and cleanup activities are included in the liability.