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088976 1 (1972-12-22)

handle is hein.gao/gaobacuyf0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE REGIONAL OFFICE Oil 7014 FEDERAL BUILDING, 1961 STOUT STREET DENVER, COLORADO 80202 DEC 2 2 1972 Colonel William P. Hooker Commanding Officer Pueblo Army Depot Pueblo, Colorado 81001 6 §0 Dear Colonel Hooker. During our recent visit, we updated information obtained during our review of the Army Industrial Fund (AIF) Accounting System at Pueblo which we conducted in 1971. As discussed with you on December 8, 1972, in our opinion the methods presently used to arrive at AII financial statements are adequate to arrive at statements showing accurate operating results and asset and liability balances in total. The methods used to arrive at the statement balances and the AIF account balances in many cases are not those prescribed by the Sharpe Army Depot system under which Pueblo is directed to operate. With the planned conversion to the SPEEDEX system, we believe efforts to correct the deficiencies in the Sharpe system are probably no longer warranted. We believe the methods used to arrive at AIF overhead cost rates have improved, however, we believe that rates still require more frequent review. Our inquiries revealed that no action has been taken on charging foreign government depreciation and we plan to address this matter in a letter to the Commanding General of USAMC. The matters covered in our review and the present status as we found it in December 1972, are discussed in more detail below. 1. During our review in 1971, we found that the labor rate clearing account was not being used and that cost clearing account balances were not researched to identify inaccuracies indicated. Our review in 1972 showed that entries were not made to the labor rate variance account except at yearend to close the accounts and that the cost clearing account balances were not used to identify inaccuracies The Chief of the AIF Section satisfies himself of the proper amount of the labor rate variance and the accuracy of the entries to the clearing accounts by independent computation using informatlon from the cost accounting and appropriated fund accounting systems.

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