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092455 1 (1971-10-07)

handle is hein.gao/gaobacwjl0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE REGIONAL OFFICE O4 ROOM 403, U.S. CUSTOMHOUSE. 610 SOUTH CANAL STREET CHICAGO, ILLINOIs 60607 OCT 7 1 Mr. William A. Haupt Superintendent of Industries Federal Prison Industries, Inc. Federal Correctional Institution Sandstone, Minnesota 55072 Dear Mr. Haupt: We have completed an examination of theLinancial statements- of the Federal Prison Industries, Inc. .432I, Sandstone, Minnesota for the fiscal year ended June 30, 1971. The examination was ma e 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 in- cluded 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, including the internal audit function. Our findings, which were discussed with you and other officials at the conclusion of the review, would have no significant effect upon the reliability of the financial statements for your location. However, certain observations which are within your authority and responsibility, upon which corrective action has been taken or promised, are summarized below for your information. 1. Inventory differences disclosed by our August 1971 test counts and a review of storeroom requisitions and pro- cedures indicated a need for better materials and supplies control. For example: -A physical inventory count of glove factory and print plant materials and supplies stocks disclosed differ- ences in five of the seven items checked. --We noted that most materials and supplies are not maintained in a separate controlled area. 50TH ANNIVERSARY 1921-1971

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