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092397 1 (1972-03-31)

handle is hein.gao/gaobacwhe0001 and id is 1 raw text is: UNITED StATES GENERAL ACCOUNTING OFFICE, WASHINGTON, D.C. 20548 CIVIL DIVISION LM09 39 Dear Mr. Gibson: We have reviewed selected administrative controls and related financial practices including payroll activities of the Washington headquarters of the Maritime Administration, Department of Commerce. The examination was made pursuant to the Budget and Accounting Act, 1921 (31 U.S.C. 53), and the Accounting and Auditing Act of 1950 (31 U.S.C. 67). Our review was directed toward the settlement of the certifying officers' accounts through the period ending June 30, 1971, and was primarily concerned with the administrative procedures and controls with respect to cash receipts and disbursements, payrolls, revenues, and related accounts, and included such tests of financial trans- actions as we deemed appropriate. We found that generally the administrative procedures and controls were adequate. We did, however, find a need for improve- ment with regard to unliquidated obligations, accounts receivable, fixed assets, and payrolls which are discussed more fully in the attachment to this letter. In addition to the matters discussed in the attachment, several minor deficiencies were brought to the attention of Maritime officials during our review and corrective action was taken or promised. These deficiencies included an overstatement of $942,150 in the recorded cost of fixed assets as of June 30, 1971. This overstatement occurred because the cost of a new library building at the U.S. Merchant Marine Academy was recorded on the asset accounts of both the Washington Office and the Eastern Regional .Office. We wish to acknowledge the courtesies and cooperation extended to our representatives during the review. -We would appreciate your comments and advice as to any action planned or taken on the matters discussed in the attachment.

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