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DOCUMENT RISURE
02484 - [A1792793] (Restricted)
(Audit of Alaska Power Administration for Fiscal Years 1974 and
1975]. May 26, 1977. 4 pp.
Report to Robert J. Cross, Administrator, Alaska Power
Administration; by John P. Carroll, Regional Manager, Field
Operations Div.: Regional Office (Seattle).
Issue Area: Accounting and Fihnncial Reporting (2800).
Contact: Field Operations Div.; Regional office (Seattle).
Budget Function: Miscellaneous: Financial Management and
Information Systems (1002).
Authority: Water Resources Development Act of 1976 (P.L.
95-587).
Financial statements including accounting records and
procedures of the Alaska Power Administration (AVA) were
reviewed for fiscal years 1974 and 1975. Findings/conclusions:
The financial procedures and controls were generally
satisfactory, but some weaknesses were f-air 4n internal control
and in accounting procedures. Internal control weaknesses were
found in power billings, property purchases, and payroll. The
power-meter readings record was not initialed by the employee
who recorded the readings. Procurement and receiving duties,
performed by one person, could reasonably be separated. Time and
attendance cost codes were not recordled for all studies.
Adequate inventory control did not exist at the time of review
for Snettisham and other APA property. Overhead costs for
Snettisham and Eklutna projects were based on budgetary
estimates and not actua3 charges, resulting in understated
overhead charges in 1976 and prior years. Payroll cost codes
were not always established on time. For calculating the
Snettishas project's electric plant depreciation expense, a
composite life must be determined and adjustments made to 1976
depreciation expenses. Various materi&l changes were required to
each project's financial statements. Recommendations:
Procurement and receiving duties should be separated so that
another person can witness purchase orders and verify receipt of
items. A complete inventory of Snettisham project and General
Investigation property should be taken, and identification
numbers should be affixed to all mcvable property; a decision
should be made as to what is surplus or transferrable; and items
costing less than $300 should be resoved from accounting
records. APA should periodically review overhead charges
allocated to power projects. (DJH)](ViewImageLocal?handle=hein.gao/gaobacxoj0001&div=1&collection=&method=preview&ext=.png&size=3)