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We recommend that the Deputy Chief Financial Officer and the Principal Deputy Assistant Secretary for Employment and Training design and implement controls over their respective estimates to ensure management’s review of the estimates are performed at a sufficient level of detail, including reviews of the methodology, relevance and reliability of the underlying data, and assumptions used to develop the estimates.

We recommend that the Deputy Chief Financial Officer and the Principal Deputy Assistant Secretary for Employment and Training maintain documentation of the reviews performed to assess the reasonableness of the methodology, underlying data, and assumptions used to develop the estimates that is sufficiently detailed to evidence the specific items reviewed, analysis performed, and conclusions reached.

We recommend that the Deputy Chief Financial Officer and the Principal Deputy Assistant Secretary for Employment and Training, design and implement controls to timely reconcile the state monthly financial summary report to the financial statements and determine the appropriate accounting treatment for adjustments.