CHAPTER ONE

1.0. INTRODUCTON

The computerized financial information system (CFIS) is an operational system that supplies the report and data that are used for the audit of the custodial financial statement of the IRS by the general Accounting office (GAO) a major objective of the custodial financial reporting system is to be continuously and accurately responsive to regular and adhoc request for custodial financial reports.

          CFIS is currently in the control phase of the IRS CPIC process where it is continuously monitored for cost schedule and project performance . The IRS ensures that operational system are executed in a discipline well managed and consistent manner through timely over sight quality control and executive review.

          To better understand the its compliance with provision of the chief financial officer(CFO) act and the system development environment . it is important to understand that the its has two separate financial operation which independently track the funds and result in six separate financial  the individual master files(IMF) Business master files (BMF individual retirement account file(IRAF) and non- master files (NMF) during the fiscal year. These detail transaction. Other transaction refund transactions . other transaction that are part of the fiscal year and other transaction that are not part of the fiscal year. Once these break out are done revenue and refund revenue transaction are matched to the transaction they reverse paper and electronic report are generated and distribute to the office of the CFO and GAO the detailed files provide support for the amount from the interim revenue according control system (IRACS)The first are also made available to go for sampling to validate the financial statements.

UNPAID ASSESSEMENTS

 The objective of unpaid assessment is continue to provide the user chief financial officer (CFO) research compliance and GAO with required program changes for reporting researching and auditing of the financial statements for debit balance and frozen credit modules. The near term objectives are to support statement. One financial operation is administrative and account for the appropriated funds. The other is custodial ACFIS and track tax collection

The administrative financial operative information system and statement are similar to those found in any large co-operation. However the custodial financial operations information system and associated statement track tax revenues processed through the IRS pipeline. The pipeline is the IRS tax return processing channel that begins at initial receipt of tax returns and remittance and track the information funds through posting on the master files many large database.

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