Reviews of the Trans-Alaska Pipeline Liability Fund's Financial Statements for the Years Ended December 31, 1983 and 1982
AFMD-85-13: Published: Jul 22, 1985. Publicly Released: Jul 22, 1985.
- Full Report:
GAO reviewed audits of the statement of net assets available for claims of the Trans-Alaska Pipeline Liability Fund as of December 31, 1983 and 1982.
GAO relied on the work and reports of the Fund's independent auditors, rather than conducting the financial audit itself. GAO found that: (1) the audits were conducted in accordance with generally accepted government auditing standards; (2) the collection of fees from oil owners stopped when $100 million had accumulated in the Fund, as required by the Trans-Alaska Pipeline Authorization Act; and (3) the auditors' opinion that the Fund's financial statements fairly presented its available net assets was appropriate. GAO also found that the auditors' work did not disclose any material internal control weaknesses or noncompliance with laws and regulations.