Financial Audit: Panama Canal Commission's 1991 Management Letter

GAO reviewed the financial statements of the Panama Canal Commission and its compliance with applicable laws and regulations for the year ended September 30, 1991. GAO found that: (1) the Commission was not transferring fixed assets on a timely basis to the appropriate completed plant account when the capital project was ready for its intended use; (2) to meet deadlines during critical processing periods, Commission supervisory personnel may make journal entries without a higher level of review; and (3) the Commission did not document its system development methodology, and it can not be assured that employees and managers will utilize procedures and controls necessary to maintain adequate and well controlled financial applications.