Financial Audit:

Federal Family Education Loan Program's Financial Statements for Fiscal Year 1992

AIMD-93-4: Published: Jun 30, 1993. Publicly Released: Jun 30, 1993.

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GAO examined the financial statements of the Department of Education's Federal Family Education Loan Program and its internal controls and compliance with laws and regulations for the fiscal year ended September 30, 1992.

GAO found that: (1) the program's statement of cash flows was reliable in all material respects; (2) the statements contained material weaknesses, since loan guarantee liabilities data were unreliable; (3) the accuracy of projected program costs was questionable, since the costs were based on unreliable data; (4) Education took significant actions to implement the requirements of the Chief Financial Officers Act and planned to take additional actions to improve its financial management operations; (5) the program's internal controls contained numerous material weaknesses and did not ensure that assets were safeguarded against loss or that transactions were properly recorded, processed, and summarized; and (6) there was no evidence of noncompliance with selected laws and regulations.

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