Financial Audit:

Examination of GSA's Financial Statements for Fiscal Years 1986 and 1985

AFMD-87-49: Published: Sep 30, 1987. Publicly Released: Sep 30, 1987.

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Robert W. Gramling
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GAO examined the General Services Administration's (GSA) consolidated financial statements for the fiscal years ended September 30, 1986 and 1985.

GAO found that GSA: (1) did not reconcile cash balances with the Department of the Treasury in a timely manner; (2) did not have reliable data regarding its fleet management operations, due to the conversion to a new automated accounting system; and (3) complied with the applicable laws and regulations for transactions that could have materially affected its financial statements.

Recommendations for Executive Action

  1. Status: Closed - Implemented

    Comments: GSA implemented new cash reconciliation procedures designed to meet Treasury-established requirements and time frames for reconciling its general ledger cash balances to Treasury-reported balances. GAO reviewed the procedures as part of the 1987 audit and concluded that the material weaknesses identified in the 1986 audit have been corrected.

    Recommendation: The Administrator of General Services should direct the Comptroller to ensure that GSA cash balances, including Simplified Intragovernmental Billing and Collection System chargebacks, are reconciled with the Treasury balances within the Treasury-established time frames.

    Agency Affected: General Services Administration

  2. Status: Closed - Implemented

    Comments: ACORN systems' changes were made to correct previous weaknesses.

    Recommendation: The Administrator of General Services should direct the Comptroller to require that new accounting systems be thoroughly tested before discontinuing the systems being replaced.

    Agency Affected: General Services Administration


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