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093083 1 (1974-11-19)

handle is hein.gao/gaobacwyz0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE REGIONAL OFFICE 9226 FEDERAL BUILDING. SIXTH AND ARCH STREETS PHILADELPHIA, PENNSYLVANIA 19106 November 19, 1974 LM093083 Mr. William E. Greenlee Superintendent of Industries Federal Prison Industries, Inc. U.S. Penitentiary Lewisburg, Pennsylvania 17837 Dear Mr. Greenlee: The General Accounting Office has examined the financial statements of the Federal Prison Industries, Inc., (FPI), U.S. Penitentiary, Lewisburg, Pennsylvania, for the fiscal year ended June 30, 1974. The examination was made pursuant to the Government Corporation Control Act (31 U.S.C. 841). In connection with our examination we also reviewed the results of a recent audit performed by the Department of Justice's Internal Audit Staff, Office of Management and Finance, for financial activities through March 31, 1974. In addition, we made a limited evaluation of FPI's management of its working capital with particular concern to cash and inventories. Our review was made in accordance with generally accepted auditing standards and included such tests of accounting records of the metal furniture and clothing factories as we considered necessary in view of the nature and volume of transactions and the effectiveness of internal controls. At the conclusion of our examination of the financial statements, we discussed the results of our work with you and the Warden, U.S. Penitentiary. Corrective actions were taken on all matters, except for the raw materials and finished goods problem. Based on the audit report of the Department of Justice issued in May 1974, there were Boards of Survey appointed --7g g3

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