Financial Audit:

U.S. Senate Gift Shop Revolving Fund's Fiscal Year 2000 Financial Statement

GAO-01-670: Published: Jun 22, 2001. Publicly Released: Jun 22, 2001.

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GAO audited the fiscal year 2000 financial statement for the Senate Gift Shop Revolving Fund for fiscal year 2000. GAO found (1) the statement is presented fairly in all material respects; (2) although internal control should be improved, the Gift Shop had effective internal controls over financial reporting and compliance with laws and regulations; and (3) no reportable noncompliance with selected provisions of laws and regulations GAO tested.

Matters for Congressional Consideration

  1. Status: Closed - Implemented

    Comments: The recommendation has been implemented.

    Matter: Senate Gift Shop management should strengthen disbursement and cash handling internal controls by ensuring that sufficient staff resources be dedicated to the handling of cash, recording of daily sales activities, and the processing of cash, check, and credit card deposits to provide adequate (1) segregation of duties and (2) review and approval of cash handling and sales/deposit activities.

  2. Status: Closed - Implemented

    Comments: The recommendation has been implemented.

    Matter: Senate Gift Shop management should strengthen disbursement and cash handling internal controls by ensuring that all changes to records of goods received are documented and explained in writing by those responsible for each change to clearly document who made and authorized the change, and when and why the change was made.

  3. Status: Closed - Implemented

    Comments: The recommendation has been implemented.

    Matter: Senate Gift Shop management should strengthen disbursement and cash handling internal controls by ensuring that those responsible for making changes to previously approved purchase order amounts clearly document who made and authorized each change and when the change was made.

  4. Status: Closed - Implemented

    Comments: The recommendation has been implemented.

    Matter: Senate Gift Shop management should strengthen disbursement and cash handling internal controls by ensuring that individuals responsible for approving purchase orders and approving and certifying payment vouchers sign each document to formally evidence their approval and certification.

Recommendation for Executive Action

  1. Status: Closed - Implemented

    Comments: Gift Shop management provided GAO with an updated operating policies and procedures manual that incorporated monitoring techniques for compliance with internal controls. GAO reviewed this document during GAO's 2002 and 2001 audits and performed detailed testing of the monitoring internal controls to confirm implementation.

    Recommendation: Senate Gift Shop management should strengthen disbursement and cash handling internal controls by ensuring that the Gift Shop's financial and compliance activities are monitored for compliance with internal controls.

    Agency Affected: Senate Gift Shop

 

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