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093200 1 (1975-01-07)

handle is hein.gao/gaobacxbe0001 and id is 1 raw text is: UNITED STATES GENERAL AccouNTING OFFICE REGIONAL OFFICE ROOM 201 415 FIRST AVENUE NORTH SEATTLE, WASHINGTON 98109 0q?200 AV 1975 Mr. Donald P. Hodel, Administrator Bonneville Power Administration P.O. Box 3621 1 Portland, Oregon 97208 Dear Mr. Hodel We have completed our audit of the Federal Columbia River Power System (FCRPS) financial statements for the fiscal year ended June 30, 1974. Our review included an examination of the Bonneville Power Admin- istrations' (BPA) accounting records and practices as a basis for evaluating the reasonableness and propriety of BPA's financial state- ments. We concluded that BPA's financial procedures and controls are generally adequate. However, some adjustments to BPA's statements were required for FCRPS statement purposes and are commented on here for your information. 1. Our review showed that $2.7 million of regular interchange power received by BPA in fiscal year 1974 had not been recorded and, therefore, was not included in BPA financial statements. This resulted in an understatement of the Income Statement line item Purchase and Exchange Power and Balance Sheet line item Accounts Payable The Accounting Section was not aware of the interchange power accrual at June 30, 1974, because BPA does not record interchange power trans- actions until they are billed and no procedures currently exist which require the Accounting Section to accrue these costs at year end for financial statement purposes. We discussed the matter with financial management officials of your staff and they agreed to establish procedures that would assure that appropriate journal entries for accrued interchange power are made. They also appropriately adjusted the fiscal year 1974 financial state- ments. 2. The Income Statement line item Sales of Electric Energy and the Balance Sheet line item Accounts Receivable were overstated 3/

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