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FGMSD-76-19 1 (1975-10-16)

handle is hein.gao/gaobaaawg0001 and id is 1 raw text is: UNITED STATES GENETVL. ACCOUNTING OFICE WASHINGTON, DoC. 20.48 -1i0H O 0N4CML AND B-157135 GOCT16 1975 The Honorable JoL.i N. Nassika: IIIIII/IIIIIIIIIIIIIIIIIIIIIII Chairman, Federal Power Commission LM096801 Dear Mr. Nassikas: Our review of the Federal Power Commission's Rccounting system showed that it was not operated in complete accord- ance with the system design approvid by the Comptroller General on June 30, 1965. Specifically, the system was not on a full'double entry basis, tvial balances were not prepared, not all property was physically inventoried annually and eeconciled to l.op- erty records and to the general ledger cotl account, and internal audits were not made annually. He also observed several opportunities for improvements in accounting proce- 4ures. The accounting system was approved by the Comptroller General with the expectation that the approved design would be faithfully followed in operating the system. As indi- cated below, several aspect-s of the system are not function- ing in accordance with the aproved design. We suggest that prompt action be taken to correct these deficiencies so that the ystem can retain its approved status. In our review which w completed in June 1975, we observed the procedures used to control an3 account for rev- enues and collections, disbursements, obligations, property, liabilities, and accruals and tne extent to which internal and external reports were derived trom zccounting records. We did not test the payroll computation subsystem because major changes were being made in it which will require it to be submitted to the Comptrollei General for approval. Our findings and reccmmendations for corrective actions are expla-ined in this report. SYSTEM NOT ON FULL DOUBLE Eb'TRY BASIS The approved system desion requires that accounts be maintained on a dt.uble entry basis. - ,\. BEST DOCUM i AVIIULMADLL FGMSD-76-19 * I ~V~-'- * .t. 11111111lll

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