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LEC staff served as the project manager on the financial accounting assistance engagement to NIH – Office of the Chief Financial Officer. The overall objectives of the engagement were to ensure that: a) the accounting system closing policies and procedures improve NIH process for compilation of its annual financial statements in accordance with applicable OMB Bulletin, Form and Content of Agency Financial Statements and NIH guidelines; b) the procedures for accounting for personal property are consistent with the requirements of SFFAS No. 6, Accounting for Property, Plant and Equipment; c) the procedures for accounting for revenue in CRADA, Gift Fund and Royalty accounts are consistent with the requirements of the applicable provisions of SFFAS No. 7, Accounting for Revenue and Other Financing Sources, and SFFAS No. 7, Implementation Guide; and d) the account reconciliation procedures improve NIH process for compilation of its annual financial statements in accordance with applicable OMB Bulletin, Form and Content of Agency Financial Statements and NIH guidelines. This engagement resulted in four reports documenting observations, corrective actions and best practices.
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