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ID-83-39 1 (1983-04-15)

handle is hein.gao/gaobabmxi0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20548 INTERNATIONAL DIVISION B-20 1607 APRIL 15,1983 Mr. Craig A. Nalen, President IIHI liiII Overseas Private Investment Corporation 1129 Twentieth Street, N.W. Washington, D.C. 20527 121105 Dear Mr. Nalen: Subject: Observations on Financial Statement Disclosure and Internal Accounting Control(GAO/ID-83-39) We recently issued to your Board of Directors an unquali- fied opinion on the Corporation's fiscal year 1982 financial statements. However, as discussed with the Treasurer and his staff, we believe that the Corporation's financial statements and notes should provide greater disclosure. Also, our limited study and evaluation of the Corporation's system of internal accounting control showed certain conditions that need to be improved. We do not regard-the existing shortcomings in dis- closure and internal control as materially affecting the fair- ness of the fiscal year 1982 financial statements. In addition, we determined that the Corporation complied with existing laws and regulations, including provisions of the OPIC Amendments Act of 1981 and congressionally established spending limits for certain purposes. Details are provided below. IMPROVEMENTS NEEDED IN FINANCIAL STATEMENT DISCLOSURE Following our examination of the Corporation's fiscal year 1981 financial statements (ID-82-33, Aug. 16, 1982), we recom- mended that the Corporation make additional disclosures regard- ing its delinquent nonearning investment projects. While you describe your policy of nonrecognition of delinquent interest income in note 1 to the statements, you said that further dis- closure of the effects of projects in default is not warranted or required by generally accepted accounting principles. This letter provides the basis for the need for improved disclosure regarding the Direct Investment Fund (DIF) program and certain other matters. (487082)

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