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092856 1 (1970-10-23)

handle is hein.gao/gaobacwst0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON REGIONAL OFFICE FIFTH FLOOR 803 WEST BROAD STREET FALLs CHURCH, VIRGINIA 22046 OCT 2 3 1970 Dear Mrs. Baldwin: We have made a review for the settlement of accounts of accountable officers of the Office of Management and Budget and the Council of Economic Advisers, Executive Office of the President, through June 30, 1969, and a review of payroll and leave records through the leave year ended January 10, 1970. Our settlement review consisted of an evaluation of the administra- tive procedures and internal controls relative to receipts and disbursements of funds and included such tests of financial transactions and records as we considered appropriate. Our payroll and leave review included an examination of payroll, leave, and personnel records for selected periods, a limited amount of additional testing in other periods for specific types of transactions, and an evaluation of payroll and leave procedures and administration. We found the administrative procedures and internal controls to be generally effective and the selected transactions which we reviewed were processed in a satisfactory manner. However, we noted one area in which we believe the administrative controls should be strengthened. This matter is being brought to your attention so that you can take appropriate action. NEED TO IMPROVE CONTROLS OVER PROPERTY Each executive agency is required by law (40 U.S.C. 483) to maintain adequate inventory controls and accountability systems for the property under its control. Regulations of the Office of Management and Budget which implement this law provide that the general ledger control account shall be recon- ciled to the subsidiary property card file at least annually. These regulations also provide that physical inventories of expendable and nonexpendable property shall be taken at least annually and that the accounting records be adjusted accordingly. During our review of nonexpendable property we noted substantial dif- ferences between the general ledger control account balances at December 31, 1969, and the supporting property card file. This information is shown below:

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