Internal Controls Over Time Reporting

January 30, 2006

2005-034F

Audit

We reviewed and evaluated the control design and documentation for the time reporting process to determine whether key financial reporting risks were addressed in the control framework. In summary, we determined process control documentation was inadequate in the areas of establishing responsibility for accurate time reporting, and monitoring of time reported, which resulted in inconsistencies in time reporting processes used at TVA sites. TVA management agreed with our findings and initiated corrective actions to improve guidance. Summary Only

Yes

Yes (agency-wide)

$0

$0