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093310 1 (1972-08-01)

handle is hein.gao/gaobacxdt0001 and id is 1 raw text is: UNITED STATES-GENERAL ACCOUNTING OFFICE WASHINGTON, DC 20548 GENERAL GOVERNMENT DIVISION AUG 1 1972 Dear Dr. White We have completed a survey of the Natonal Oceanic and Atmos- pheric Administration's (NOAA) management controls over personal property. The survey was performed primarily at NOAA's Property and Supply Branch in Washington, D C We do not plan further review at this time, however, we wish to present our findings which show a need for corrective action. A primary purpose of reconciling control accounts with subsidiary records is to ensure the accuracy and reliability of accounting data and related information used for management purposes. Our survey revealed that NOAA's Finance Division made unsupported adjustments, debits and credits, to its general ledger fixed asset control accounts at the close of fiscal year 1971. The purpose of the adjustments was to bring the control accounts into agreement with the subsidiary per- sonal property records maintained by NOAA's Property and Supply Branch. We found that as of May 31, 1972, there was an unreconciled difference of about $4.6 million in funded acquisitions of fixed assets between the records of the Finance Division and the Property and Supply Branch. The difference had accumulated since the begin- ning of fiscal year 1972 and is the result of the two units being unable to match documentation in support of acquisitions The matching process requires each unit to provide acquisition docu- mentation having identical information. In view of the apparent deterioration of the control-subsidiary account relationship and the extent of unsupported adjustments to the general ledger accounts, we believe there is an urgent need for NOAA to review and, where necessary, revise its procedures for rec- onciling the general ledger accounts with the subsidiary property records. Revisions should be made with the objectives of eliminating the need to make substantial and unsupported adjustments and of effecting reconciliations on a current basis. w~I?

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