Auditing and Financial Management:
Review of the Audit of the Tennessee Valley Authority's Financial Statements for the Year Ended September 30, 1983
AFMD-85-16, May 30, 1985
GAO reported on the results of its review of an independent audit of the balance sheet of the Tennessee Valley Authority (TVA) as of September 30, 1983, and the related statements of income and retained earnings, net expense and accumulated net expense, and changes in financial position for the year then ended.
GAO found that the audits were conducted in accordance with generally accepted auditing standards. In the opinion of the independent auditor, the financial statements presented fairly the TVA financial position as of September 30, 1983, and the results of its operations and the changes in its financial position in conformity with generally accepted accounting principles applied on a consistent basis. GAO found nothing to indicate that the auditor's opinion was inappropriate or could not be relied on. The auditor studied and evaluated TVA internal accounting controls and test transactions for compliance with key laws and regulations and found no material internal control weaknesses or noncompliance.