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090217 1 (1975-02-28)

handle is hein.gao/gaobacvxi0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON REGIONAL OFFICE out FIFTH FLOOR 803 WEST BROAD STREET FALLS CHURCH, VIRGINIA 22046 FEB 28 1975 Mr. John M. Woodbridge, Executive Director Pennsylvania Avenue Development Corporation 425 13th Street, NW., Suite 1148 Washington, D.C. 20004 Dear Mr. Woodbridge: This letter has been prepared to summarize for your consideration our suggestions for improvements in certain accounting procedures and internal controls noted during our examination of the financial statements of the Pennsylvania Avenue Development Corporation for fiscal year 1974. Our comments were discussed with appropriate personnel on January 17, 1975, and, in some cases, necessary corrective measures may have already been put into effect. The matters discussed below, although needing correction, were not so material that they required us to qualify our opinion on the financial statements of the Corporation for fiscal year 1974. Corrective measures taken or contemplated will be considered by us in connection with subse- quent examinations. In general, we believe the accounting and internal control systems are operating effectively. We hope these suggestions will be helpful to your staff in improving these systems. Segregation of duties The administrative officer has authority to (1) approve purchase orders, contracts, travel documents, and requisitions for equipment, supplies and services; (2) certify receiving reports and invoices for payment; and (3) maintain various accounting records required by the General Services Administration (GSA). A fundamental concept of good internal control is the segreation of duties and responsibilities so that no one person will handle an accounting transaction completely from beginning to end. _qT0 '0 0 1

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