Financial Audit:

American Battle Monuments Commission's Financial Statements for Fiscal Year 1997

AIMD-98-81: Published: Feb 27, 1998. Publicly Released: Feb 27, 1998.

Additional Materials:

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Pursuant to a legislative requirement, GAO audited the financial statements of the American Battle Monuments Commission (ABMC) for fiscal year ended September 30, 1997. To help fulfill these responsibilities, GAO contracted with KPMG Peat Marwick LLP, an independent certified public accounting firm.

GAO noted that: (1) the ABMC's balance sheet as of September 30, 1997, was reliable in all material aspects; (2) for a first year audit, it was not feasible for KPMG to extend the necessary auditing procedures to determine if the ABMC's remaining principal financial statements for the fiscal year ended September 30, 1997, were reliable in all material aspects; (3) ABMC fairly stated that internal controls in place as of September 30, 1997, were effective in: (a) assuring material compliance with laws governing the use of budget authority and with other relevant laws and regulations; and (b) safeguarding assets against loss from unauthorized acquisition, use, or disposition; (4) however, ABMC management also fairly stated that internal controls in place as of September 30, 1997, were not effective in ensuring that transactions were properly recorded, processed, and summarized to permit the preparation of reliable financial statements and to maintain accountability of assets; (5) in this regard, KPMG noted four areas of reportable conditions, three of which it considered to be material weaknesses; and (6) no reportable instances of noncompliance with laws and regulations tested were found.

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