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

089890 1 (1969-01-02)

handle is hein.gao/gaobacvuq0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE REGIONAL OFFICE 2006 WASHINGTON BOULEVARD BUILDING 234 STATE STREET DETROIT, MICHIGAN 48226 Mr. B. J. Clendening JAN 2 1969 Superintendent of Industries Federal Prison Industries, Inc. Milan, Michigan 48160 Dear Mr. Clendening: We have examined the balance sheet of the Federal Prison A_no OPI).,) M lan MI- n, as of June 30, 1968, and the related statements I operations and manufacturing expenses. The examination was made pursuant to the Government Corporation Control Act (31 U.S.C. 841). Our examination, completed in October 1968, was made in accordance with generally accepted auditing standards and included such tests of the accounting records and financial transactions as we considered necessary under the circumstances. Although we did not observe the taking of cyclical physical inventories, we made physical tests and reviewed accounting evidence to assure the reasonableness of the inventory balances, We considered the audit work completed in February 1968 by the FPI examiner4 which also included test verifications of inventory balances. Our examination disclosed no matters of sufficient significance to materially affect the reliability of the financial statements, How- ever, certain matters requiring your attention were discussed with you and your staff during our examination. These matters are set forth below for your further consideration and comment. Transactions Affecting Capital Asset Accounts 1. By September 30, 1967, FPI had expended $267;400 of the $267,500 total cost authorized as of thattime for the vocational training building, and on October 1, 1967, the building was placed in use, The agreement between the Federal Correctional Institution and PPI provided for the Institution to absorb 42 percent of the utility charges for the building beginning October 1, 1967. However, as of June 30, 1968, the total cost of construction of $288,045, con- sisting of the $267,400 that had been incurred at the time the building -/14 -/rgF o

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