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093309 1 (1972-08-02)

handle is hein.gao/gaobacxds0001 and id is 1 raw text is: ,093300 ,1)D S2~ UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D C 20548 GENERAL GOVERNMENT DIVISION AUG 2 1972 Dear Dr. Kushner We have completed a survey of t1p National Bureau of Standards' management controls over personal property. The survey was performed at Bureau headquarters in Gaithersburg, Maryland. We do not intend further review at this time, however, we wish to bring to your atten- tion matters which we believe require coirective action or offer a potential for improvement Department of Commerce Administrative Order No. 217-9 requires a complete physical inventory of personal property at least once each fiscal year to verify property recoids. The Bureau has not performed such an inventory since fiscal year 1968 because of in- sufficient personnel assigned to this function. We believe that physical inventories by the Bureau at regular prescribed intervals are necessary as a check on the effectiveness of the accounting procedures to provide adequate and accurate information on all significant changes in the investment in property assets and to comply with departmental regulations. Action has been taken by the Bureau to implement the recom- mendation made in July 1970 by the Property Management Task Groups that statistical sampling techniques be used in accomplishing the annual physical inventories We believe that statistical sampling can be an effective means of taking the 2nventories if properly conducted. We are concerned, however, about certain conditions which we observed in a physical inventory taken at our request. We found that 114 of the 259 items of listed equipment for section 312.02 did not have recorded locations or had incorrectly recorded locations. Many of the items had been loaned to other sections, and could not be readily located because of incomplete loan slips. Further, three items were located which did not appear on the inventory listing.

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