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Panama Canal Commission's Financial Statements FY 1984 and 1983

AFMD-86-15 Published: Apr 08, 1986. Publicly Released: Apr 08, 1986.
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Highlights

GAO reviewed the Panama Canal Commission's (PCC) financial statements as of September 30, 1984 and 1983 to assess whether PCC internal accounting controls and auditing procedures were in compliance with applicable laws and regulations.

Recommendations

Recommendations for Executive Action

Agency Affected Recommendation Status
Panama Canal Commission The Administrator, PCC, should include in the next PCC toll rate submission a proposal to fund the reserve for floating equipment repairs.
Closed – Implemented
PCC included the reserve in its fiscal year 1990 toll rate submission which was approved by the President on August 15, 1989, thus resolving the issue.
Panama Canal Commission The Administrator, PCC, should increase the interest-bearing United States investment account by $52 million to reflect the proper balance and establish a liability account in favor of the United States for the interest not collected.
Closed – Implemented
Subsequent congressional action was not indicated after the passage of the amendment of the Panama Canal Act of 1979, which resolves the prospective interest problem. However, the Omnibus Budget Act of 1987, effective December 22, 1987, converted PCC to a revolving fund and restored the interest-bearing investment by $67.1 million.

Full Report

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Topics

Accounting proceduresAccounting systemsFinancial management systemsFinancial recordsFinancial statement auditsInterest ratesInternal controlsReporting requirementsFinancial statementsAccounting controls