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093193 1 (1975-01-07)

handle is hein.gao/gaobacxbd0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE REGIONAL OFFICE ROOM 201 415 FIRST AVENUE NORTH SEATTLE, WASHINGTON 98109 & JAN 19 I /5 Major General Richard E. McConnell Division Engineer North Pacific Division U.S. Army Corps of Engineers 210 Customs House Portland, Oregon 97209 Dear General McConnell We have completed our review of the accounts and accounting proce- dures for the Corps of Engineers projects included in the Federal Columbia River Power System (FCRPS) for the fiscal year ended June 30, 1974. The purpose of our review was to determine the reasonableness and propriety of the project financial statements submitted by the North Pacific Division (NPD) to the Bonneville Power Administration (BPA) for inclusion in the fiscal year 1974 FCRPS consolidated financial statements. Our review included an evaluation of financial procedures and controls and an analysis of project accounts to the extent we deemed necessaty under the cicumstances. We found that the financial procedures and controls were generally adequate. The following matters requiring corrective action were brought to the attention of responsible district officials and resolved during our review. 1. The financial statements submitted to BPA correctly disclosed that at June 30, 1974, there was a contingent claim for $16.6 million by the Libby contractor. During our audit, we learned that after June 30 the claim was settled for $12.5 million, but the Seattle District had not yet notified BPA of the significant event so that the consolidated FCRPS statements could be corrected before issuance. The financial statements for the Libby Project submitted to BPA for consolidation prior to settlement of this claim had allocated $6 million for this claim to power. Following our discussion of the importance of disclosing significant events that occur after statement dates, the Seattle District determined that the new allocation to power was $10 million and sent BPA corrected financial statements. As a result, Construction Work in Progress and Accounts Payable were increased by $4 million in the consolidated statements. 31,73 93/9

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