Pursuant to a legislative requirement and a congressional request, GAO audited the House of Representatives Beauty Shop Revolving Fund's balance sheets and related statements of operations and cash flows for the periods ended September 30, 1992, December 31, 1991, and December 31, 1990.

GAO found that: (1) the financial statements presented fairly, in all material respects, the financial position of the House of Representatives Beauty Shop Revolving Fund and the results of its operations and cash flows for the years then ended in conformity with generally accepted accounting principles; (2) the Fund's internal controls need improvement; and (3) there was no material noncompliance with laws and regulations for the periods ended September 30, 1992, and December 31, 1991.