Summary

The Department of Financial Services (Department), Bureau of Unclaimed Property, utilizes the Unclaimed Property Management Information System (UPMIS) to manage the collection and distribution of unclaimed property.  Unclaimed property is a financial asset that has been left inactive by its owner.  Our audit focused on evaluating selected information technology (IT) controls applicable to UPMIS during the period September 2006 through January 2007.

The results of our audit are summarized below:

Finding No. 1:      Our audit disclosed aspects of the Department’s practices for managing access privileges that needed improvement.  We also noted instances of excessive or inappropriate system access privileges. 

Finding No. 2:     We noted that Department staff could not provide a comprehensive and accurate listing of all terminated employees.  In addition, we noted instances where Department staff did not remove access privileges of terminated employees in a timely manner. 

Finding No. 3:     Improvements were needed in certain physical security controls of the Bureau of Unclaimed Property and certain user authentication controls within UPMIS. 

Finding No. 4:     Improvements were needed in locator registration policies and procedures. 

Finding No. 5:     The UPMIS change management process needed strengthening. 

Finding No. 6:     The Department’s reconciliation of cash disbursements and receipts between UPMIS and the Florida Accounting Information Resource Subsystem (FLAIR) needed enhancement to provide more thorough follow-up on reconciling differences between the two systems.

Finding No. 7:     UPMIS on-line screens and reports did not display holder refund cash disbursements, limiting the Department’s ability to monitor holder refunds.

Finding No. 8:     We noted instances of UPMIS training manuals not being finalized or not being updated for system changes.

The Chief Financial Officer's response is included at the end of this report as Appendix A.