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090775 1 (1976-07-19)

handle is hein.gao/gaobacwbq0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON REGIONAL OFFICE -; FIFTH FLOOR 803 WEST BROAD STREET FALLS CHurcH, VrmGINIA 22046 JUL ? .M4r. Victor H. Indiek, President Federal Home Loan iMortgage Corporation 311 First Street, NW. Washington, D.C. 20001 L090775 1111 Dear Mr. Indick: We recently cop7pleted our examination of the Federal Home Loan ortgago Corporation's 1975 financial statements and thoujht it wou;d be useful to summarize for your considera- tion certain matters devolopecd during the audit which will not be included in our report to the Congress. These matters did not affect our opinion on the financial statcme.nts and are presented to provide- constructive ideas for improving internal acorunting controls and operational effi- ciency. They ucoro oiscussea with Corporate officials and, where appropriate, their viewq have been incorporated into our co.sents. Opportunity to imprCve intcrnal control ovcer payvjent documents Good internal control dictates that vouchers, invoices, and other supporting documents be canceled after payment. At present, the Mortgage Corporation is stamping these documents during the auditing process before payment. The stamp -designates spaces for payment approval and expens5 distribution, but no space to indicate that the bill \.'as paio. After payment, a carbon copy of the check, invoice, and all suoport- ing docurionts are st-;!ed together. The only indica- tion that the bi J1 h s behn p,.id is the carbon cony of the chock. if the carbon copy of the eneck is removed or lost, a duplicate pdyment can rEult. We were infor.;ed by Corporate officials that all checks and vouchers are date stEmped when microfi3mcd and this preverntcs rcus;e. 'o noted, however, that In emauiliaia I I~m

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