BUREAU OF ALCOHOL, TOBACCO, FIREARMS AND EXPLOSIVES ANNUAL FINANCIAL STATEMENTS FISCAL YEAR 2010
Cotton & Company LLP also issued reports on internal control and on compliance and other matters. For FY 2010, the Independent Auditors’ Report on Internal Control over Financial Reporting identified one significant deficiency. The significant deficiency related to inadequate funds management controls. Specifically, ATF needs to improve its internal controls to ensure that undelivered orders are valid, accounts payable transactions are calculated correctly, and related account balances are accurate and complete. In the FY 2010 Independent Auditors’ Report on Compliance and Other Matters, the auditors identified no instances of non- compliance with applicable laws and regulations and the Federal Financial Management Improvement Act of 1996.