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093102 1 (1974-10-15)

handle is hein.gao/gaobacwzj0001 and id is 1 raw text is: ot3 /0t 0C13 1lO- OCT 15 1974 ir. Billy 0. Davis Superintendent of Industries Federal Prison Industries, Inc. Federal Correctional Institution Sandstone, Minnesota 55072 LM093102 BEST DOCUMENT AVAILABLE Dear Mr. Davis: tole have examind the financial statements of the Federal Prison Industries, the. -4%, Sandstone, Minnesota, for the fiscal year ended June 30, 1974. The examination was made pursuant to the Government Corporation Control Act (31 U.S.C. 841). Our review, which was completed in September 1974, was made in accordance with generally accepted auditing standards. It included zuch tests of the account!-, records and financial transactions and such other auditing procedures as we considered necessary, consider- ng the existing system of internal controls and prior au'ts. This year we limited the amount of detailed audit work done on FPI, Sandstone's financial statements, because of the Department of Justice auditors' review of financial activities at your location. Our review placed primary emphasis on FP, Sandstone's management of its financial resources, specifically inventory management. Our findings, thich were discussed with you and other officials at the conclusion of the review, would have no significant effect upon the reliability of the financial statements for your location. However, certain observations which are within your authority and responsibility, upon which corrective action has been taken or promised, are sumarized below for your information. 1. FFI, Sandstone personnel need to comply with their warehouse operating procedures and exercise better controls over raw materials and supplies. For example: -The glove factory foreman told us his requisitions for raw materials were not prepared until after the materials had been issued from the warehouse. 6 . j J 0q~ioi N

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