Examination of Financial Statements--U.S. Government Printing Office, Fiscal Year 1967

B-114829: Published: Nov 1, 1968. Publicly Released: Nov 1, 1968.

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The Legislative-Judiciary Appropriations Act, 1954 (44 U.S.C. 63), requires the Comptroller General to audit annually the activities of the Government Printing Office (GPO).

The report contains the opinion of the General Accounting Office (GAO) that the accompanying financial statements, with exceptions as noted, present fairly the financial position of the GPO at June 30, 1967, the results of its operations, and the sources and applications of its funds for the year then ended, in conformity with principles and standards of accounting prescribed for executive agencies by the Comptroller General applied on a basis consistent with that of the preceding year. GAO believes that improvements could be instituted in the following areas to better present the financial position and results of operations: (1) GPO's accounting procedures do not provide for the consistent recording of all earned surcharges in the work in process accounts, (2) printing work performed for GPO commercial printers and included as work in process on the financial statements as of June 30, 1967, should have been classified as accounts receivable, and (3) the allowance for unsalable publications was not separately reported but was included in the cost of publications sold.