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AFMD-82-52 1 (1982-07-08)

handle is hein.gao/gaobabdlp0001 and id is 1 raw text is: B? THE COMPTROLLER GENERAL Report To The Congress OF THE UNITED STATES Adverse Opinion On The Financial Statements Of The Student Loan Insurance Fund For The Fiscal Year Ended September 30, 1980 Since the Student Loan Insurance Fund began in 1967, serious accounting and reporting problems have resulted from inad- equate internal controls and noncompli- ance with generally accepted accounting principles. GAO has reported these prob- lems regularly since 1969, but manage- ment has done little to correct them. In GAO's opinion, the Fund's financial state- ments do not fairly present its financial position at September 30, 1 980, the results of its operations and the changes in its financial position for fiscal 1980, in con- formity with generally accepted accounting principles. GAO recommends that the Secretary of Education improve internal accounting con- trols over the Fund, centralize all account- ing and financial statement responsibilities, and implement improved computer man- agement practices. C' 118876 Ok GAO/AFMD-82-52 JULY 8, 1982 0 . IL ,, I

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