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Audit Report 9-03: Audit of SBA’s FY 2008 Financial Statements
On November 14, 2008, the OIG issued the Independent Public Accountant or IPA’s report in Audit Report 9-03, Audit of SBA’s FY 2008 Financial Statements. The IPA concluded that the SBA’s consolidated financial statements presented fairly, in all material respects, the financial position of the SBA as of and for the years ended September 30, 2008 and 2007. It also presented fairly, in all material respects, SBA’s net costs, changes in net position, and combined statements of budgetary resources for the years then ended.
With respect to internal control over financial reporting, the IPA continued to report a significant deficiency related to Information Technology controls, but did not consider this deficiency to be a material weakness. The IPA noted that the SBA made progress in several areas in its effort to address prior year Information Technology internal control deficiencies. However, despite these improvements, deficiencies continued to exist for: (1) security access controls, (2) software program changes, and (3) end-user computing.