Advisory Memorandum 4-11: SBA’s Federal Agencies’ Centralized Trail-Balance System (FACTS) Data
Date Issued: Tuesday, February 3, 2004
Report Number: Advisory Memorandum 4-11

 

On February 3, 2004, the OIG issued Advisory Memorandum 4-11, related to an independent public accountant’s agreed upon procedures report on the verification of the SBA’s Federal Agencies’ Centralized Trail-Balance System (FACTS) Data.  The independent public accountant noted five findings related to:  24 rounding differences between SBA’s audited financial statements and amounts presented in the FACTS I Report; 4 differences between line items in SBA’s audited financial statements and the FACTS I Report resulting from a difference in presentation; 2 items designated as differences in the FACTS reporting schedule that did not contain explanations for the differences; 3 differences between FACTS reporting and amounts reported in SBA’s audited financial statements resulting from incorrect data entry, and 6 insufficient explanations for items identified as differences between FACTS reporting and amounts included in SBA’s audited financial statements.