About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

FGMSD-77-15 1 (1977-04-04)

handle is hein.gao/gaobaabvo0001 and id is 1 raw text is: DOCUMENT RESUME 00301 - rA10519701 Now York Cityls Efforts to Improve Its Accounting Systems. FGHSD-77-15; a-185522. April 4. 1977. 29 pp. Report to the Conress; by Elmer B. Staats, Comptroller General. Issue Area: Accounting and Financial Reporting (2800). Contact: Financial and General Management Studies Div. Budget Function: General Government: Other General Government (806); Revenue Sharing and General Purpose Fiscal Assistance: Other General Purpose Fiscal Assistance (32); Miscellaneous: Financial management and Informaticn Systems (1002). Organization Concerned: New York, NY; Department of the Treasury. congressional Relevance: House Committee on Banking, Currency &nd Housing; Senate Committee on Banking, housing ard Urban Affairs; Congress. Authority: New York City Seasonal Financing Act of 1975 (P.L. 94-143). An examination of New York City's efforts to improve its accouLting systett was part of a review cf the city's progress under its 3-yaar financial plan. The credit agreement under which loans arc made to the city by the Federal Government requires the city to establish an accounting system by July 1, 1977, which will enable an auditor to perform an annual audit and render -n opinion. Findings/Cozclasion6: Although much progress has been made, the new accounting system will not be implemented by the required date. City officials have deferred implementation of the payroll subsystem and may also defer other subsystems because of lack of time. The City will not meet requirements for producing financial statements which will allow for an auditor's unqualified opinion because of pAoblems in the system including inaccurate ard imcomplete data. Recommendations: The Secretary of the Treasury should examine the city's progress in meeting requirements and authorize reasonable extensions of time where it is needed for orderly completion of work. (HIM)

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most