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PAD-83-3 1 (1983-04-06)

handle is hein.gao/gaobabdza0001 and id is 1 raw text is: 




BY THE COMPTROLLER GENERAL



Report To The Congress

OF THE UNITED STATES




Congress Should Consider Revising

Basic Corporate Control Laws




The Congress has established corporations
to carry out certain business-type functions
of the Federal Government because of the
perceived need for a high degree of operating
flexibility and independence. In 1945, the
Congress adopted the Government Corporation
Control Act to establish a framework for the
accountability of Government corporations.

Of the corporations that exist today, 23, or
about half, are not covered by the laws'
accountability provisions. As a result, ac-
countability controls--including financial
audit, budget reporting and review, and
Treasury financial controls--are not uni-
formly applied.

GAO believes the Congress should consider
revising the basic corporate control laws to
include a definition, classification criteria,
and general accountability standards for all
Government corporations. GAO also believes
that the enabling legislation of the in-
dividual corporations should be amended
for consistency with the laws' overall provi-
sions.






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                                                                   APRIL 6, 1983
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