Field Financial

USPS OIG

 

Field Financial (FF) conducts annual financial installation audits (FIA) in support of the independent public accounting firm’s overall opinion of the U.S. Postal Service’s financial statements and Sarbanes-Oxley compliance. To satisfy this mission, we determine whether the Postal Service complied with nine key financial reporting controls at statistically selected postal retail units and seven key controls at statistically selected business mail entry units. At the conclusion of each audit, FF issues a report to district and local management summarizing the audit results. In addition, we provide quarterly results to area and headquarters management and issue year-end capping reports to Postal Service Headquarters summarizing the overall results of all the individual audits. We also observe Postal Service data collectors conducting statistical tests of cost, revenue, and volume data at different district locations to verify the accuracy of data used as part of the ratemaking process.

Over the past 10 years, FF issued approximately 2,514 FIA reports, which often contained systemic issues and recommendations for operational improvements and policy changes. Further, we initiated hundreds of referrals for investigation and identified more than $6.93 million of monetary impact and $182.6 million in nonmonetary impact related to internal control and financial deficiencies identified during these financial audits.

FF also conducts other financial-related audits and reviews. In fiscal year (FY) 2009, we issued 15 reports for audits and suspicious expenditures reviews. We initiated this work based on Office of Inspector General developed models containing measurements to assess financial performance of Postal Service Districts. In addition, over the years, FF has conducted special audits requested by Congress and Postal Service management. For example, management requested us to review morning standard operating procedures, Bank Secrecy Act requirements, aviation mail security procedures, energy and recycling efficiency standards, and Express Mail service for passport applications in conjunction with our annual FIA work. We also conducted a congressionally requested review of the Postal Service’s relocation benefits, policies, and practices in FY 2009.