Pursuant to a congressional request, GAO examined the House Recording Studio Revolving Fund's: (1) financial statements as of December 31, 1991 and 1990, and the related statements of operations and cash flows for the years then ended; (2) internal controls; and (3) compliance with applicable laws and regulations.

GAO found that: (1) the financial statements present fairly, in accordance with generally accepted accounting principles, the Fund's assets, liabilities, and expenses for the years then ended; (2) there were no material weaknesses in the Fund's internal controls for the year ended December 31, 1991; and (3) there was no material noncompliance with applicable laws and regulations for the year ended December 31, 1991.