Audit Report 9-04: GFRS for Fiscal Year 2008 - Special Purpose Financial Statements

On November 14, 2008, the OIG issued the Independent Public Accountant or IPA’s report on special-purpose financial statements in Audit Report 9-04, GFRS for Fiscal Year 2008- Special Purpose Financial Statements.  The auditor found that the statements presented fairly in all material respects, the financial position of the SBA as of September 30, 2008, and the results of operations, and changes in net position for the period then ended in conformity with generally accepted accounting principles. 

The IPA stated that while the SBA made progress in several areas in its efforts to address prior year information technology internal control issues, deficiencies, however, continued to exist in the areas of security access controls, software program changes, and end-user computing.  The IPA reported that these issues were consistent with findings identified by the OIG in past years, including in its Report on the Most Serious Management Challenges Facing the SBA since 2000.  These deficiencies related to software change control, the Office of Disaster Assistance, the Loan Accounting System, and the Joint Administrative and Accounting Management System (JAAMS).