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092782 1 (1970-12-18)

handle is hein.gao/gaobacwrg0001 and id is 1 raw text is: -s S UNITED STATES GENERAL ACCOUNTING OFFICE REGIONAL OFFICE U ROOM 1903 JOHN F. KENNEDY FEDERAL IBUILDING * GOVERNMENT CENTER LM092782 BosToN, MASSACHUSETTS 02203 Mr. Paul Wilkes Superintendent of Industries Federal Prison Industries, Inc. 4A Federal Correctional Institution Danbury, Connecticut 06810 Dear Mr. Wilkes: We have completed our examination of the financial statements of the Federal Prison Industries, Inc. (FPI) at the Federal Correctional Institution, Danbury, Connecticut, for the fiscal year ended June 30, 1970. We made such tests of the accounting records and financial transactions and performed such other auditing pro- cedures as we considered necessary in view of the nature and volume of transactions, and the effectiveness of internal controls including the internal audit functions. Our findings were discussed with your predecessor and staff at the conclusion of our review. Although they concurred with these findings, we have summarized them below for your information and follow up. --Some checks were not deposited %ntil two weeks after receipt rather than twice weekly as required by FPI Manual instructions. When we brought this matter to the attention of your staff they indicated that pro- cedures would be implemented to assure that checks are deposited twice weekly. --Accounts payable as of June 30, 1970 were understated by $964 because ,th6 unliquidated encumbrances established for five purchase orders were not immediately transferred to accounts payable when the items ordered were received ,and liability for payment resulted. When we brought this matter to the attention of your staff, the understatement was corrected and we were advised procedures would be established to match purchase order receipts with un- liquidated encumbrances in a timely manner.

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