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Financial Audit: Panama Canal Commission's Financial Statements for 1985 and 1984

AFMD-87-4 Published: Jun 10, 1987. Publicly Released: Jun 10, 1987.
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Highlights

GAO examined the Panama Canal Commission's (PCC) statement of its financial position as of September 30, 1985 and 1984, and the related statements of operations and non-interest bearing investment, the changes in the government's investment, the changes in financial position, and the status of appropriations for the years then ended.

Recommendations

Recommendations for Executive Action

Agency Affected Recommendation Status
Panama Canal Commission The Chairman of the Board of Directors, PCC, should direct the Administrator, PCC, to obtain approval from the regulator to establish and fund the reserve for floating equipment.
Closed – Implemented
PCC included the reserve in its fiscal year (FY) 1990 toll rate submission which was approved by the President on August 15, 1989, which resolves the issue.

Full Report

Full Report (44 pages)

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Topics

Auditing and Financial Management
Accounting proceduresAccounting systemsCivil auditsFinancial managementFinancial statement auditsInterest ratesInternal controlsInvestments abroadReporting requirementsFinancial statements