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AIMD-93-23ML 1 (1993-09-10)

handle is hein.gao/gaobachqm0001 and id is 1 raw text is: United States G A O General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-i 14839 September 10, 1993 Board of Directors 149881 Panama Canal Commission We have issued opinions on the financial statements of the Panama Canal Commission and on its internal control structure and have reported on its compliance with applicable laws and regulations for the year ended September 30, 1992 (GAO/AIMD-93-22). In planning and performing our audit of the financial statements of the Commission, we identified several matters regarding accounting procedures and internal control structure which could be improved. These include cash reconciliation procedures with the U.S. Treasury and the updating of the actuarial valuation for the early retirement benefits accrual. They also include recording inventory receipts, issuances, and results of physical inventories; processing data input; documenting computer system methodology; defining computer back-up procedures; centralizing responsibility for security over information assets; and limiting physical access to the administration building. Although these matters are not material in relation to the financial statements, they warrant the attention of management. The purpose of this letter is to advise you of these matters and to make suggestions for improvement. As appropriate, we discussed the matters addressed in this letter with Commission supervisory personnel and have included their comments for your information. RECONCILIATION OF CASH HELD BY U.S. TREASURY Monthly reconciliation of cash on hand to cash with Treasury or with commercial banks is a key internal accounting control to ensure that cash transactions are adequately monitored. The Commission reported to the Treasury the results of its cash transactions including cash with Treasury, the disbursing commercial bank account, and cash on GAO/AIMD-93-23ML I 9

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