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LCD-80-36 1 (1980-02-20)

handle is hein.gao/gaobabagh0001 and id is 1 raw text is: GAO / Unted States Generai Accountng Office Logistics and Washington, DC 20548 Comm unications Division B-114829 FEBRUARY 20, 1980 Mr. John J. Boyle Public Printer U.S. Government Printing Office Dear Mr. Boyle: Subject: Deed to Improve Internal Controls Over Cash, Cgrtain Inventories, and Accounts Pavable/ (LCD-80-36) We recently examined the Government Printing Office's (GPO's) fiscal year 1978 financial statements. As part of this examination, we tested the internal control systems for the accounting and safeguarding of cash, three invento- ries--paper, materials and supplies, and publications held for sale--and accounts payable. In performing our tests, we reviewed policies and procedures, held interviews, made ob- servations, and completed internal control questionnaires for each of the selected systems. As a result of the tests, we noted certain weaknesses in each control system. Although these weaknesses did not appear to materially affect the financial statements, we believe they warrant your attention and corrective actions. In summary, we found very few ,written procedures for managing and controllino the assets we examined. To a large degree, the resconsibilities of the personnel managing and controlling these assets were specified onZl in in- dividual job descrictions. Further, organizational lines of responsibility were vague. We believe that written pro- cedures and stated lines of authority and responsibilities are needed to help management ensure that its policies on managing and safeguarding assets are successfully implemented and overall responsibilities are established. The following sections discuss te weaknesses identified in the internal control systems for each of the assets ex- amined and in accounts payacle. (947347)

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