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FOD-77-12 1 (1978-03-08)

handle is hein.gao/gaobaawrz0001 and id is 1 raw text is: DOCU ENT RESUME 05091 - (B06856111 Examination of the Account u the United States TreasurY for Fiscal Years Ended June 30, 1974 and 1975. FOD-77-12; 1-114 3u March 8, 1978. 9 pp. + 3 enclosures 43 pp.). Report to Secretary, Department of the treasury; by Walter H. Henson (for Stewart ,. Mcglyea: Director, Field Operations Div.). Issue Area: Accounting and financial Reporting (2800) Contact: Field Operations Div. Budget FuncLion: General Government- Central fiscal Operations (803). Congressional Relevance: House Committee on Banking, Currency and Housing; Senate Conittee on Banking, Housing and Urbau Affairs. Authority: Par Value Modification Act of 1973 (31 U.S.C. 449). (31 U.S.C. 442; P.L. 93-373). 1 Stat. 65. The financial 3tatement of the Acccunt of the United States Treasury a.; of June 30, 1974 and 1975 was ezaained in accordance with generally accepted auditing standards. The examination incli.,i d such tests of accounting records and auditinq procedures as were corsidered necessary in view of the effecivenes3 of internal control and the work done by the Bureau of Government Financial Operationes Internal audit staff. Findings/conclusions: The manner in which the Iccount of the United State3 Treasury is presented was changed as of Jnne 300 1974, from a final actual Lasis to a clea':anc* date basis. The account balances on a clearance date tasis are Aifferent in that items in transit or adjustments applicable to the fiscal year hi'va not been recorded. This r,sulted in an understatement of qeneral account balance for fiscal years 1974 and 1975 of m million and $286 million, respectively. Except for the unre.oorded transactions in transit, the financial statement prc-sents fairly the financial position of the U.S. Treasury Account at June 30, 1974 and 1975, in ccnformity vith principles and standard3 of accourting prescribed by the comptroller General. (RES)

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