Financial Audit:

Senate Restaurants Revolving Fund for Fiscal Years 1997 and 1996

AIMD-98-193: Published: Jun 23, 1998. Publicly Released: Jun 23, 1998.

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Pursuant to a congressional request, GAO reviewed the financial statements of the Senate Restaurants Revolving Fund for the period ended September 30, 1997 and September 28, 1996. GAO contracted with the independent public accounting firm of 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 30, 1997, were effective in safeguarding assets against unauthorized acquisition, use, or disposition, assuring material compliance with laws and regulations, and assuring that there have been no material misstatements in the financial statements; and (c) there was no reportable noncompliance with laws and regulations it tested; and (2) however, KPMG's work identified the need to improve internal controls related to logical access.

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