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AIMD-94-134ML 1 (1994-07-21)

handle is hein.gao/gaobachqs0001 and id is 1 raw text is: United States GAO General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-114839 July 21, 1994 The Honorable Robert R. McMillan Chairman, Board of Directors Panama Canal Commission Dear Mr. McMillan: 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, 1993 (GAO/AIMD- 94-89, March 31, 1994). In planning and performing our audit of the financial statements of the Commission, we identified certain matters regarding accounting procedures and internal control structure which could be improved. These include review and reconciliation of inventory records, recording of inventory receipts and issuances, general electronic data processing (EDP) controls over computer systems, and centralized responsibility over information assets. 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. REVIEW AND RECONCILIATION OF PERPETUAL INVENTORY RECORDS' NEGATIVE INVENTORY BALANCES Review of perpetual inventory records for unusual items and the resulting reconciliation and adjustment of records are important internal controls to ensure that inventory balances GAO/AIMD-94-134ML

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