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AFMD-83-32 1 (1983-02-14)

handle is hein.gao/gaobabmvd0001 and id is 1 raw text is: COMPTROLLER GENERAL OF THE UNITED STATES I 2c05714 WASHINGTON-D.C. 20548 B-210151 February 14, 1983 The Honorable Charles McC. Mdathias, Jr. 1 1 1 Chairman, Joint Committee on Printing Congress of the United States 120574 Dear Mr. Chairman: Subject: Review of the Reliability and Accuracy of the Government Printing Office's Monthly Financial Statements (GAO/AFMD-83-32) This report is in response to your July 1, 1982, request (encl. I) asking us to determine the reliability and accuracy of the monthly financial statements prepared by the Government Print- ing Office (GPO). We reviewed selected statements for April, May, and June 1982 for comparability, consistency, and adequacy of fi- nancial disclosures. We performed our review in accordance with generally accepted government auditing standards. The objectives, scope, and methodology of our review are discussed in enclosure II. During fiscal 1982, GPO furnished monthly statements on re- quest to the Joint Committee on Printing staff members. According to the Public Printer, prior to the JCP request these statements had not been provided to persons outside agency management. He further stated that GPO's monthly statements are, and have been for many years, prepared on a consistent basis solely for internal use, as one of the many sources of information used in the decision- making process. The financial statements previously provided to the JCP comprised the annual statements prepared in conformance with generally accepted accounting principles. Nevertheless, for external users, specifically the JCP, we found GPO's monthly financial statements of limited use because they (1) are inconsistent, in form and content and in the way they are prepared, with the yearend statements, (2) contain accounting errors, and (3) lack necessary financial disclosures. Specifically we found that: -Yearend adjustments to certain revenue and expense accounts were not applied to monthly statements. Because of the sig- nificant amount of work required, we did not determine the necessary adjustments. However, their impact would vary de- pending on the account involved but could be significant considering GPO's low net income. (916669) dA3d6

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