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AIMD-98-130R 1 (1998-04-28)

handle is hein.gao/gaobacmeg0001 and id is 1 raw text is: ( O United States General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-279652 April 28, 1998 General Frederick F. Woerner, Chairman American Battle Monuments Commission Subject: Management Letter: American Battle Monuments Commission's Financial Statement Audit for Fiscal Year 1997 Dear General Woerner: We contracted with the independent public accounting firm of KPMG Peat Marwick LLP (KPMG) to conduct an agencywide audit of the American Battle Monuments Commission's (ABMC) financial statements for the fiscal year ended September 30, 1997. This was the first agencywide audit of ABMC's financial statements since its establishment in 1923. On February 27, 1998, we issued a letter' transmitting KPMG's auditors' report, dated January 13, 1998, which contained (1) an auditors' unqualified opinion on ABMC's Balance Sheet and auditors' disclaimer of opinion on the remaining ABMC's principal statements, (2) an auditors' opinion on ABMC management's assertion about the effectiveness of related internal controls, and (3) conclusions on compliance with significant laws and regulations. In that letter, we concurred with KPMG's conclusions. In our February 27, 1998 letter, we reported four areas of weaknesses regarding the effectiveness of ABMC's internal controls over financial reporting. This letter provides suggestions on how to correct these weaknesses, and provides suggestions to assist ABMC in improving its operations in other less significant areas. Many of ABMC's weaknesses are systems related. During fiscal year 1998, ABMC plans to select a commercial off-the-shelf system from approved vendors on the General Services Administration's Financial Management Systems Software schedule. The system selected is to conform to all current 'Financial Audit: American Battle Monuments Commission's Financial Statements for Fiscal Year 1997 (GAO/AIMD-98-81, February 27, 1998). GAO/AIMD-98-130R ABMC 1997 Management Letter 16

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