Reports

We recommend that the Assistant Secretary for Employment and Training develop policies and procedures to coordinate with State Workforce Agencies to obtain the necessary information needed to support related balances and assumptions, and to perform benchmarking and/or other analyses to validate new assumptions.

We recommend that the Assistant Secretary for Employment and Training amend policies and procedures to provide specific steps to be performed during the reviews and the documentation requirements, which should include the specific items reviewed, analyses performed, and conclusions reached.

We recommend that the Assistant Secretary for Employment and Training maintain documentation of the reviews performed to assess the reasonableness of the underlying data, assumptions, and formulas used in the models that is sufficiently detailed to evidence the specific items reviewed, analysis performed, and conclusions reached.

We recommend the Acting Chief Financial Officer develop policies and procedures to ensure that the accounting treatment for significant transactions are appropriately researched and documented prior to recording the transaction to the general ledger.

We recommend the Acting Chief Financial Officer enhance management review controls over the amounts that are presented in the notes to the financial statements.