CHAPTER ONE
INTRODUCTION
The Computerized financial information system (CFIS) is an operational system that supplies the reports and data that are used for the audit of the Custodial Financial Statements 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 ad hoc requests 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 systems are executed in a disciplined, well-managed, and consistent manner through timely oversight, quality control, and executive review. To better understand the IRS compliance with provisions of the Chief Financial Officers (CFO) Act and the system development environment, it is important to understand that the IRS has two separate financial operations, which independently track the funds, and result in six separate financial statements. One financial operation is Administrative and accounts for the appropriated funds. The other is Custodial (CFIS) and tracks tax collection. The Administrative financial operations, information systems, and statements are similar to those found in any large corporation. However, the Custodial financial operations, information systems, and associated statements track tax revenues processed through the lRS pipeline. The pipeline is the IRS’ tax return processing channel that begins at initial receipt of tax returns and remittances and tracks the information/funds through postings on the Master Files, many large databases
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