Financial Audit:

Senate Restaurants Revolving Fund for Fiscal Years 1996 and 1995

AIMD-97-93: Published: May 16, 1997. Publicly Released: May 16, 1997.

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Pursuant to a congressional request, GAO reviewed the financial statements of the Senate Restaurants Revolving Fund as of September 28, 1996 and September 30, 1995, and for the years then ended. GAO contracted with KPMG Peat Marwick LLP (KPMG) to conduct the audit.

GAO noted that: (1) in its audit of the U.S. Senate Restaurants Revolving Fund, KPMG found that: (a) the financial statements were reliable in all material respects; (b) management fairly stated its assertion that internal controls in place on September 28, 1996, were effective in safeguarding assets against unauthorized acquisition, use, or disposition, ensuring material compliance with laws and regulations, and ensuring that there have been no material misstatements in the financial statements; and (c) there was no reportable noncompliance with laws and regulations KPMG tested; (2) KPMG's audit disclosed a significant weakness related to the adequacy of logical access controls over the Fund's accounting and information management system and related data; (3) the Senate Restaurants management agreed with KPMG's assessment of the weakness and agreed to take corrective action; (4) the Fund's financial statements reflect the results of the Senate Restaurants' operating activities financed through Fund receipts; (5) KPMG's report disclosed that if past operating trends continue, the Fund will require supplemental funding to support its future operations; and (6) the results of GAO's review of KPMG's audit disclosed no instances where KPMG did not comply, in all material respects, with generally accepted government auditing standards.

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