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CED-77-64 1 (1977-07-08)

handle is hein.gao/gaobaaclq0001 and id is 1 raw text is: DOCUMENT RESUdE 02798 - (Ai9930421 Examination of the United States Railway Association's Financial Statements and Other Matters Concerning 7ts Operations. CED-7;-64; B-164497(-). Jujy 8, 1977. 26 pp. + 3 enclosures (4 pp.) + 2 appendices (11 pp.). Report to the Congress; by Ejmer r,. Staats, Comptroller General. Issue Area: Accounting and Financial Reporting (2800); Transportation Systems and Polici.es: Railroad Freight Transportation System (2407). Contact: Cok~munitV and P'conomic Development Div. Budget Function: commerce and Transportation: Ground Transportation (404). Organizati.a Concerned: United States Railway Association. Coz.gressional Relevance: House Cvw.mttee on Interstate alid Foreign Commerce; Senate Committe on Commerce, Science, and Transportation; Conqess. Authority: Government Cotporation Control Act (31 IT.S.C. 341). Regional Rail Reorganization Act of 1973 (P.L. 93-236). District of Columbia Non-Profit Corporation Act (P.L. 87-569). Railroad Revitalization ar.d Regulatory Reform Act of 1976 (P.L. 94-210). Although the financial statements of the United States Railway Association (USRA) for the period ended June 30, 1976 generally present the financial position of the association fairly, misstatements were discovered in several accounts. Findings/Conclusins: The equipment, prepaid expenses, accounts receivable, lzans receivpble, leasehold improvements, accrued travel expenses, and coatract holdback accounts were found to be misstated as of June 30, 1976. Although the net effect of the misstatements ;-s not material when compared with the size of the investment of the U.S. Government balance, several of the misstatements were raterial with respect to individual account balances. The USRA has take'i corrective action on all of the items With regard to the olerations of the association, documentation for adminis'rative expenses was inadequate; 'nternal audit activities , re limited; and recommendations made in a previous GAO report with regard to procurement and financial disclosure policies had been only partially implemented. Rccommendations: The Chairman of the Board of the Association should: conduct a comprehensive inventory of furniture and equipment during the next year and as often as necessary thereafter; strengthen internal controls over relocation expenses; provide broader internal audit coverage of its financial and management operations and implement systematic follofup procedures; and fully implement GAO's prior reclmmendations concerning procurement and financial disclosure. (Author/SC)

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