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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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Highlights

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

Recommendations

Recommendations for Executive Action

Agency Affected Recommendation Status
General Services Administration 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.
Closed – Implemented
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.
General Services Administration The Administrator of General Services should direct the Comptroller to require that new accounting systems be thoroughly tested before discontinuing the systems being replaced.
Closed – Implemented
ACORN systems' changes were made to correct previous weaknesses.

Full Report

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Topics

Accounting proceduresAuditing standardsCash managementFederal interfund transactionsFinancial management systemsFinancial recordsFinancial statement auditsInternal controlsProgram evaluationProperty and supply management