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090216 1 (1975-03-20)

handle is hein.gao/gaobacvxh0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON REGIONAL OFFICE FIFTH FLOOR 803 WEST BROAD STREET FALLS CHURCH, VIRGINIA 22046 MAR 2 0 1975 Mr. David C. Jelinek, Associate Commissioner Federal Prison Industries, Inc. hOLC Building 101 Indiana Avenue, NW. Washington, D.C. 20537 Dear Mr. Jelinek: Our audit of the Federal Prison Industries' (FPI) financial statements for fiscal year 1974 is completed and our report to the Congress is in preparation. We were again assisted in this year's examination by the Internal Audit Staff, Department of Justice, who will shortly be reporting to you on the accounting discrepancies disclosed during the audit at the Central Office. We have reviewed their work and are in 'general agreement with their findings. We would like to bring to your attention, however, other matters developed during this year's audit. Need to complete yearend financial statements in a more timely manner - Each year we plan our audit at the Central Office based on FPI's estimated date for completing the financial statements. For the past 2.years our audit has been hampered by delays in the preparation of the yearend state- ments although we were assured of their completion by a particular date. A contributing factor to this condition was the assumption of respon- sibility by primarily one individual for preparation of the financial statements. When this individual was not present, very little was accom- plished. This individual transferred from the Central Office in December 1974 which adds to our concern whether staff has been adequately trained to assume this responsibility in the future. Another factor appears to be the lack of priority given to gathering information necessary for completing the financial statements in an expeditious and timely manner. ~7C~fJF 0470~

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