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Tuesday, November 14, 2006

GSA’s latest financial report on sound footing, says audit

The General Services Administration received a clean bill of health on its financial reporting for fiscal 2006 by its auditing firm, PricewaterhouseCoopers.

“Federal agencies can now rely on GSA in terms of being able to accurately report the use of funds, have financial control over funds and not improperly use their funds,” GSA Chief Financial Officer Kathleen Turco said Nov. 13.

GSA Administrator Lurita Doan said the agency was the first to file its annual financial statement with the Office of Management Budget. She said the clean opinion was the result of a “Herculean effort” by the agency’s financial managers to resolve six material weaknesses that prevented the agency from receiving a clean opinion in its 2005 financial audit. Doan discussed the news at a Nov. 13 dinner hosted by the Coalition for Government Procurement, a trade association representing GSA vendors, and Federal Times.

GSA received a failing grade the preceding year from independent auditing firm PricewaterhouseCoopers, when the 2005 audit uncovered problems in tracking and returning unspent funds from customer orders.

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