About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

093036 1 (1971-01-27)

handle is hein.gao/gaobacwxp0001 and id is 1 raw text is: UNITFD STATES GENFFRAt AccoUNTING OFFICE WASI-NGTON, D.C. 20548 JAN 2 7 1971 CIVIL DiViSION LM093036 Dear Mr, Villarreal: We have examined selected financial transactions of the Urban Mass Transportation Fund covering the period July 1, 1968, through December 31, 1969. Responsibility for the administration of the Fund was transferred to the Urban Mass Transportation Administration (UMTA) from the Department of Housing and Urban Development (HUD) effcctive July 1, 1968, pursuant to Reorganization Plan No. 2 of 1968. Through December 31, 1969, about $815 million has been ap- propriated by the Congress to the Fund for grants and loans. Of this amount about $336 million had been expended for such program activities. Our examination was made in accordance with generally accepted auditing standards and procedures and included such tests of the accounting records as we considered necessary in the circum- stances. Accounting support services for the Fund, including the operation and maintenance of the accounting system, have been provided by the Office of the Secretary (OST) on a reimbursable basis since October 1, 1969. Prior to this time accounting activities for the Fund were pro- vided by the Department of Housing and Urban Development also on a reimbursable basis. During our review, we noted several areas where improvements are needed in the accounting control and reporting on the Fund's activities. We believe that these weaknesses, summarized in the attachment, demon- strate the need to establish, in manual form, appropriate procedural instructions for the guidance of personnel responsible for accounting operations. Cognizant UMTA and OST officials, with whom we discussed these matters generally agreed with our findings and proposals for cor- rective action. OST officials advised us that a project had been established which would include a review and evaluation of the Fund's existing accounting procedures, practices, and financial reporting requirements and that our findings would receive appropriate consid- eration during the review. They stated that June 30, 1971, had been established as a target date for completing the project and docu- menting in the form of handbooks, a revised and improved accounting system for the Fund. BEST DOCUMENT AVAILABLE

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most