Financial Audit: Panama Canal Commission's Accounting Procedures and Internal Controls

GAO reviewed the Panama Canal Commission's accounting procedures and internal control structure. GAO noted that: (1) there are nonmaterial weaknesses in the Commission's review and reconciliation of inventory records, recording of inventory receipts and issuances, general electronic data processing controls over computer systems, and centralized responsibility over information assets; and (2) the Commission needs to improve its procedures to ensure that inventory records are accurate and complete, improve controls to prevent unauthorized access and modification to computer programs and files, and establish an information security manager with overall responsibility for information resources management.