Audit of the House Recording Studio Revolving Fund for the Fiscal Year Ended December 31, 1979

GGD-80-65: Published: Jun 16, 1980. Publicly Released: Jun 16, 1980.

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At the request of the Clerk of the House of Representatives, the House Recording Studio Revolving Fund was audited for the fiscal year ended December 31, 1979. The audit was made in accordance with the Comptroller General's standards for financial and compliance audits. Financial statements for the Revolving fund were prepared from the Studio's accounting records to present the financial position and results of the revolving fund operations on an accrual basis. The Studio is operated by a director under the jurisdiction of the Clerk of the House of Representatives. Studio operations are financed from a revolving fund from funds appropriated to the Clerk of the House. All monies received from operations are deposited into the revolving fund and are available for the Studio's operation. Employee salaries and benefits and certain other operating funds are paid from appropriated funds and are not recorded in the Studio's accounting records nor included in determining the results of Studio operations.

It was the opinion of GAO that the financial statements prepared on the basis of the financial arrangements described, presented fairly the financial position of the House Recording Studio Revolving Fund at December 31, 1979, and December 31, 1978; the results of its operations; and the changes in its financial position for the periods then ended on a basis consistent with that of preceding years.

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