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Federal Reserve Bank (FRB) systems are exposed to an increased risk of unauthorized access because of security weaknesses found in the U.S. Treasury Department's computing systems according to a management report issued by the U.S. Government Accountability Office (GAO). GAO used "an independent public accounting (IPA) firm, under contract, to assist with information system testing, including follow-up on the status of FRBs’ corrective actions to address control deficiencies contained in our prior years’ reports that were not remediated as of September 30, 2017." As part of its audit for the fiscal year that ended on September 30, 2018, performed an extensive review of all computing system controls over key financial systems maintained and operated by FRBs connected to the Schedule of Federal Debt. During the fiscal year 2018 audit, GAO found "one new information system general control deficiency" affecting configuration management which is designed to block unauthorized or untested modifications to critical information on computing systems. GAO also discovered two not yet addressed deficiencies found in the prior year in information system controls over key financial systems, operated by FRBs and also relevant to the Schedule of Federal Debt. Fiscal Service's information system controls were also found to contain deficiencies which, when taken into account with previously unearthed unresolved control deficiencies, collectively classify as a significant flaw in internal control over Schedule of Federal Debt's financial reporting. Visit OUR FORUM to learn more.

 

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