About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

089823 1 (1971-11-22)

handle is hein.gao/gaobacvts0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE REGIONAL OFFICE 502 U.S. CUSTOMHOUSE, 20 AND CHESTNUT STREETS PHILADELPHIA, PENNSYLVANIA 19106 NOV 2 2 1971 Mr. Billy J. Clendening Superintendent of Industries Federal Prison Industries, Inc. United States Penitentiary Lewisburg, Pennsylvania 17837 Dear Mr. Clendening: The General Accounting Office has examined financial transactions of the Federal Prison Industries, Inc. (FPI), United States Penitentiary, Lewisburg, Pennsylvania, for the fiscal year ended June 30, 1971. The examination was made pursuant to the Government Corporation Control Act (31 U.S.C. 841). Our review, which was completed in September 1971, was made in accordance with generally accepted auditing standards and included such tests of accounting records as we considered necessary in view of the nature and volume of transactions and the effectiveness of internal con- trols. We considered the most recent audit performed by the Department of Justice examiners which was completed in October 1970. At the conclusion of our review, we discussed with you certain matters which required attention. Those items for which your central office has control will be considered for reporting to that office. Our findings are summarized below for your information and follow-up. INVENTORIES 1. The ending work-in-process inventory for the metal furniture factory did not include sufficient labor and overhead costs. As a result, the Inventory value was understated and the net loss was overstated at June 30, 1971. Of the 83 jobs In process at June 30, 1971, only five had labor and overhead costs, estimated at $757.30 and $5,217.80 respectively. 50TH ANNIVERSARY 1921-1971

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most