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093592 1 (1973-10-18)

handle is hein.gao/gaobacxgr0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON REGIONAL OFFICE FIFTH FLOOR 803 WEST BROAD STREET FALLS CHURCH, VIRGINIA 22046 OCT C Is Mr. Richard Platt, Jr. Acting Director Federal Savings and Loan Insurance Corporation 101 Indiana Avenue, NW. Washington, D.C. 20552 Dear Mr. Platt: The General Accounting Office has completed its examination of the financial activities of the Corporation's Midwestern Office (MWO) for the year ended December 31, 1972. We have treated this work in arriving at our opinion on the Corporation's annual financial statements which are in our report to the Congress, dated August 31, 1973 (B114827). As you know, our Chicago Office suggested several improvements in accounting procedures at MWO while work was underway. These matters were discussed in greater detail with Mr. Stuckwisch and the MWO staff upon the completion of the audit. We are enclosing for your information a summary of these items. A factor which we believe underlies the problems discussed in the enclosure is the lack at MWD of an up-to-date accounting manual. In discussing this with your associates, they thought it would be useful for us to summarize for your consideration our thoughts on the benefits of an accounting manual. A manual of accounting policies and procedures is an important part of a sound internal control system and it contributes to accurate and reliable accounting and operating data. A clear definition of the procedures by which individual responsibilities should be fulfilled can result in a more efficient operation. A manual would greatly assist in day-to-day operations and ensure that accounting, budgetary, and related records are properly maintained. The manual should establish the policies and procedures necessary for prompt, accurate, and consistent recording of accounting transactions, periodic reconciliation and review of subsidiary and general ledger accounts, and control over documents and records.

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