Management Letter Related to the Audit of the International Boundary and Water Commission's 2004 and 2003 Financial Statements PDF version
Under generally accepted auditing standards, auditors performing financial statement audits are encouraged to report, in a separate management letter, internal control weaknesses that do not rise to the level necessary to be reported in the financial statement opinion. During an audit of the International Boundary and Water Commission, United States and Mexico, U.S. Section’s (USIBWC) 2004 and 2003 financial statements, an independent external auditor identified internal control weaknesses relating to USIBWC’s internal audit function, property and equipment, use of credit cards, information security, suspense accounts, deferred maintenance, accounts receivable, contract accruals, and financial reporting. The auditor recommended that USIBWC take appropriate action to address these weaknesses.
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