Report on Alaska Railroad, Department of the Interior, Fiscal Years 1958 and 1959

The General Accounting Office has made an audit of the Alaska Railroad, Department of the Interior, for the fiscal years ended June 30, 1958 and 1959, pursuant to the Budget and Accounting Act, 1921 (31 U.S.C. 53), and the Accounting and Auditing Act of 1950 (31 U.S.C. 67). Our audit of the Alaska Railroad for fiscal years 1958 and 1959 included a review of certain operating activities and a selective examination of the financial statements. We reviewed the basic laws authorizing the activities and the pertinent legislative history to ascertain the purposes of the activities and their intended scope. We ascertained the policies adopted by the Railroad and reviewed these policies for conformance with the basic legislation. We reviewed the procedures followed by the employees of the Railroad to determine the effectiveness of the procedures. We did not make a detailed audit, but we examined selected transactions to the extent we deemed appropriate under the existing circumstances in order to render an opinion on the financial statements of the Railroad. Our examination was made with due regard for the nature and volume of transactions and the effectiveness of internal control. The audit was conducted at Anchorage, Alaska.