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AFMD-92-71ML 1 (1992-08-19)

handle is hein.gao/gaobachon0001 and id is 1 raw text is: United States G3AO General Accounting Office Washington, D.C. 20548 Accounting and Financial Management Division B-114839 f I N H 147375 August 19, 1992 The Honorable Michael P. W. Stone Chairman, Board of Directors Panama Canal Commission Dear Mr. Stone: We have issued opinions on the financial statements of the Panama Canal Commission and on its internal control structure, and have reported on its compliance with applicable laws and regulations for the year ended September 30, 1991 (GAO/AFMD-92-69). In planning and performing our audit on the financial statements of the Commission, we identified several matters regarding accounting procedures and internal control structure which could be improved. These include the need for timely closeouts of capital work requests; better segregation of duties for journal entries and the Marine Billing System; documentation of computer system methodology; and improved security through more frequent changes of security passwords, centralized responsibility over information assets, limited access to computer production programs, and restricted physical access to the Administration Building. These matters are not material in relation to the financial statements, but nevertheless warrant the attention of management. The purpose of this letter is to advise you of these matters and our suggestions for their improvement. We discussed the matters addressed in this letter with Commission supervisory personnel responsible for the area and have included their comments for your information. TIMELY CLOSINGS OF CAPITAL WORK REQUESTS Fixed assets are not being transferred on a timely basis from the Plant-Additions-In-Progress account to the appropriate completed plant account when the capital project is ready for its intended use. During our test of completed GAO/AFMD-92-71ML or6734

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