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092452 1 (1971-10-19)

handle is hein.gao/gaobacwji0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE DALLAS REGIONAL OFFICE ROOM 500. 1512 COMMERCE STRUT DALLAS, TEXAS 75201 OCT 1 o1971 Mr. Hal R. Hopkins Superintendent Federal Prison Industries, Inc. Federal Correctional Institution Texarkana, Texas 75501 Dear Mr. Hopkins: o We have completed an examination of the financial statements of Federal Prison Industries, Inc. (FPI), Texarkana, Texas, for the fiscal year ended June 30, 1971. The examination was made pursuant to the Government Corporation Control Act (31 U.S.C. 841). Our review, which was completed in September 1971, was made in accordance with generally accepted auditing standards and included such tests of accounting records and financial transactions as we considered necessary in view of the nature and volume of transactions and the effectiveness of internal controls. Since internal auditors had not made a review since November 1969, we gave special attention to the internal controls exercised by FPI, Texarkana. Our findings included several deficiencies which we believe indicate a need for improvement by FPI in the administration and review of its accounting functions. We were unable to ascertain the accuracy and reliability of the June 30, 1971, Inventory Certificates because of the numerous deficiencies we found in the accounting for inventories. The inventories were reported to be $95,692. The deficiencies were discussea with you and institution officials at the conclusion of our review. Details are presented below for your con- sideration and appropriate action. Need for improvement in accounting for and internal control over inventories Our examination of fiscal year 1971 inventory records for the tire reconditioning factory and furniture factory and discussions with FPI employees disclosed deficiencies in the procedures for / 50TH ANNIVERSARY 1921-1971

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