Financial Audit:

Panama Canal Commission's 1994 and 1993 Financial Statements

AIMD-95-98: Published: Mar 31, 1995. Publicly Released: Mar 31, 1995.

Additional Materials:

Contact:

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

Pursuant to a legislative requirement, GAO audited the Panama Canal Commission's (PCC) financial statements for the years ended September 30, 1994, and 1993, focusing on PCC: (1) internal controls; and (2) compliance with selected laws and regulations.

GAO found that: (1) PCC ended fiscal year (FY) 1994 with more than one-half the net operating revenues it received for FY 1993 despite an increase in total operating revenues; (2) by the end of FY 1994, PCC assets, liabilities, and reserves decreased while capital increased; (3) the financial statements presented fairly, in accordance with generally accepted accounting principles, the Commission's assets, liabilities, capital, revenue, expenses, changes in capital, and cash flows for the years then ended; (4) the internal controls in effect as of September 30, 1994, reasonably ensured that losses, noncompliance, or material misstatements would be prevented or detected; (5) there was no evidence of material noncompliance with applicable laws and regulations; and (6) although supplementary cost information was not audited, it was consistent with the financial statements.

Oct 2, 2017

  • auditing icon, source: PhotoDisc

    U.S. Territories:

    Public Debt Outlook
    GAO-18-160: Published: Oct 2, 2017. Publicly Released: Oct 2, 2017.

Sep 26, 2017

Jul 13, 2017

Jul 12, 2017

Jun 30, 2017

Jun 29, 2017

Jun 14, 2017

Jun 13, 2017

May 25, 2017

Looking for more? Browse all our products here