Financial Audit:

American Battle Monuments Commission's Financial Statements for Fiscal Years 1998 and 1997

AIMD-99-74: Published: Mar 1, 1999. Publicly Released: Mar 1, 1999.

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Pursuant to a legislative requirement, GAO audited the financial statements of the American Battle Monuments Commission (ABMC) for fiscal years (FY) ended September 30, 1998, and 1997. To help fulfill these responsibilities, GAO contracted with KPMG LLP, and independent certified public accounting firm.

GAO noted that: (1) ABMC's consolidating financial statements as of and for fiscal year ended September 30, 1998, and its consolidated balance sheet as of September 30, 1997, were reliable in all material respects; (2) because FY 1997 was a first year audit, it was not feasible to extend the necessary auditing procedures to determine if ABMC's remaining consolidated financial statements for the fiscal year ended September 30, 1997, were reliable in all material respects; (3) ABMC management fairly stated that internal controls as of September 30, 1998, were effective in: (a) safeguarding assets against loss; (b) assuring material compliance with relevant laws and regulations; and (c) preparing performance information; (4) however, ABMC management also fairly stated that internal controls as of September 30, 1998, were not effective in ensuring that transactions were properly recorded, processed, and summarized to permit the preparation of reliable financial statements and required supplementary stewardship information; (5) in this regard, KPMG noted two areas of reportable conditions, which it also considered to be material weaknesses; and (6) no reportable instances of noncompliance with laws and regulations tested which could have a direct and material effect on ABMC's consolidating financial statements were found.

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