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The Department of Education continued strong financial management and reporting in fiscal year 2007. The Chief Financial Officer highlights the Department receiving an unqualified audit opinion for the sixth consecutive year and having no material weaknesses identified for the fifth year in a row. Efforts to address prior year reportable conditions on credit reform estimation and information system controls were continued. The Department conducted an internal control assessment and can give an unqualified assurance statement on its internal controls over financial reporting.

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45 views

Description: Tags: Cfo

The Department of Education continued strong financial management and reporting in fiscal year 2007. The Chief Financial Officer highlights the Department receiving an unqualified audit opinion for the sixth consecutive year and having no material weaknesses identified for the fifth year in a row. Efforts to address prior year reportable conditions on credit reform estimation and information system controls were continued. The Department conducted an internal control assessment and can give an unqualified assurance statement on its internal controls over financial reporting.

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anon-703842
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FINANCIAL DETAILS

MESSAGE FROM THE CHIEF FINANCIAL OFFICER

The Department of Education continued its high standard of financial


management and reporting during fiscal year (FY) 2007. In this part of
the Performance and Accountability Report, I have the pleasure of
presenting to the President and the American people the financial
details on the Department’s stewardship and management of the public
funds to which we have been entrusted.
The Department’s impressive record of excellence in financial
management has been a joint effort of its managers, employees, and
business partners who make it a priority to ensure that the Department
reports contains the highest quality financial data. Highlights of these
successful efforts over the last year are as follows:

• Completed the implementation of an upgraded financial management system, in the first


quarter of FY 2007;
• Received an unqualified opinion on the principal financial statements for the sixth

consecutive year, demonstrating a clear pattern of financial accountability;

• Continued to have no material weaknesses identified as part of the Department’s “Report


on Internal Control” for the fifth consecutive year;
• Received a “green” status in Financial Management on the President’s Management
Scorecard for the fourth consecutive year;
• Continued to provide reasonable assurance of its internal controls over financial

reporting.

In FY 2007, the Department furthered its efforts to correct the two reportable conditions
identified by the auditors in the FY 2006 “Report on Internal Control.” To address the reportable
condition regarding the credit reform estimation the Credit Steering committee has worked
diligently to continue to improve the process. In the first quarter of FY 2007, the Department
instituted monthly meetings including personnel from the Office of the Chief Financial Officer,
Budget Service, Federal Student Aid and Office of Management and Budget. Throughout the
fiscal year the committee has addressed policy, cost and management issues that impact the loan
programs. The Department also continued to address the other reportable condition regarding
controls surrounding information systems.

During FY 2007, the Department conducted an assessment of the effectiveness of its internal
control over financial reporting. This review was based upon the requirements of OMB Circular
A-123 (Appendix A), Management’s Responsibility for Internal Control. The Department is
pleased to report that it can give an unqualified statement of assurance on its internal control over
financial reporting. This examination has presented us the opportunity to further review and
improve upon our internal controls and thereby continue to ensure the greatest integrity in our
financial management and reporting.

Lawrence Warder
Chief Financial Officer
November 15, 2007

102 FY 2007 Performance and Accountability Report—U.S. Department of Education

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