Financial Audit:

Trans-Alaska Pipeline Liability Fund's 1988 Financial Statements

AFMD-89-104: Published: Sep 29, 1989. Publicly Released: Sep 29, 1989.

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Pursuant to a legislative requirement, GAO reviewed an independent accountant's audit of the Trans-Alaska Pipeline Liability Fund's financial statements as of December 31, 1988.

GAO found that: (1) the audit found that the Fund's financial statements fairly presented its financial position; (2) the audit did not disclose any material weaknesses or noncompliance with laws or regulations; (3) while the Fund has never had to pay a claim since its establishment in 1973, damages related to a March 1989 oil spill are expected to exceed the Fund's maximum liability; and (4) the Fund will contest any claims related to that spill, since it believes that a shipping company's negligence caused the spill.

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