Report on Examination of Financial Statements of Columbia River Federal Power System, Departments of the Army and of the Interior, Fiscal Year 1965

The General Accounting Office has examined the accompanying financial statements of the Columbia River Federal Power System for fiscal year 1965, which were prepared by the Bonneville Power Administration. The designation Columbia River Federal Power System (previously the Columbia River Power System) is used to describe the integrated power system in the Pacific Northwest consisting of (1) power-generating facilities of the Corps of Engineers (Civil Functions), Department of the Army, and of the Bureau of Reclamation, Department of the Interior, and (2) transmission facilities of the Bonneville Power Administration. The Administration markets the power generated by the integrated system. Our examination of the financial statements was made in accordance with generally accepted auditing standards and included such tests of the accounting records of the Corps of Engineers, the Bureau of Reclamation, and the Bonneville Power Administration and such other auditing procedures as we considered necessary in the circumstances. Our last examination of financial statements of the system was made for fiscal year 1963. Although no examination was made of fiscal year 1964 statements, our examination of fiscal year 1965 financial statements included appropriate tests of transactions--recorded in the accounts during fiscal year 1964--to determine the reasonableness of the account balances at the beginning of fiscal year 1965. Our examination was made pursuant to the Budget and Accounting Act, 1921 (31 U.S.C. 53), and the Accounting and Auditing Act of 1950 (31 U.S.C. 67).