An audit of the Bur. of the Public Debt's (BPD) Schedules of Fed. Debt (SFD). It is done to determine whether, in all respects: the schedules are reliable; and BPD maintained internal control relevant to the SFD. Fed. debt managed by BPD consists of Treasury securities held by the public and by fed. govt. accounts, referred to as intragovernmental debt holdings (IDH). The level of debt held by the public primarily reflects how much of the nation's wealth has been absorbed by the fed. gov¿t. to finance spending in excess of revenues. IDH represent balances of Treasury securities held by the fed. govt., primarily fed. trust funds such as Social Security, that typically have an obligation to invest their excess annual receipts over disbursements in fed. securities. Ill.