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

On February 3, 2004, the OIG issued Advisory Memorandum 4-11, related to an Independent Public Accountant or IPA’s agreed upon procedures report on the verification of the SBA’s Federal Agencies’ Centralized Trail-Balance System (FACTS) Data.  The IPA noted five findings related to:  (1) twenty-four  rounding differences between SBA’s audited financial statements and amounts presented in the FACTS I Report; (2) four differences between line items in SBA’s audited financial statements and the FACTS I Report resulting from a difference in presentation; (3) two items designated as differences in the FACTS reporting schedule that did not contain explanations for the differences; (4) three differences between FACTS reporting and amounts reported in SBA’s audited financial statements resulting from incorrect data entry, and (5) six insufficient explanations for items identified as differences between FACTS reporting and amounts included in SBA’s audited financial statements.