Review of the Reliability and Accuracy of the Government Printing Office's Monthly Financial Statements

AFMD-83-32: Published: Feb 14, 1983. Publicly Released: Feb 14, 1983.

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In response to a congressional request, GAO reviewed the financial statements prepared by the Government Printing Office (GPO) for the months of April, May, and June 1982 for comparability, consistency, and adequacy of financial disclosures.

GAO found that yearend adjustments to certain revenue and expense accounts were not applied to monthly statements. A net loss of $1,802,000 reported for May 1982 was overstated by $919,663 due to accounting errors in the revenue billed and payroll expense accounts. In addition, the monthly financial statements were incomplete as compared to the yearend statements. They did not show the total revolving fund and appropriated fund accounts; and inventory, receivables, and payroll expenses were not presented in the same format as at yearend. The monthly financial statements did not include essential disclosures, such as footnotes, that are included in the yearend statements and are necessary for a fair and accurate presentation of financial operations.

Recommendations for Executive Action

  1. Status: Closed - Implemented

    Comments: Please call 202/512-6100 for information.

    Recommendation: The Public Printer should direct the GPO Controller to determine and reflect the following data in monthly financial statements: adjustments for deferred revenues, building improvement expenditures, sales on consignment, and accounts payable.

    Agency Affected: Government Publishing Office

  2. Status: Closed - Implemented

    Comments: Please call 202/512-6100 for information.

    Recommendation: The Public Printer should direct the GPO Controller to include all information necessary to fairly and accurately present the monthly financial results.

    Agency Affected: Government Publishing Office

  3. Status: Closed - Not Implemented

    Comments: GPO does not plan to adopt the recommendation because it would delay issuance of the monthly statements.

    Recommendation: The Public Printer should direct the GPO Controller to use the same format in the monthly financial statements as in the yearend statements.

    Agency Affected: Government Publishing Office

  4. Status: Closed - Not Implemented

    Comments: GPO does not plan to adopt the recommendation because it would delay issuance of the monthly statements.

    Recommendation: The Public Printer should direct the GPO Controller to include the total revolving fund and appropriated fund information in the monthly statements.

    Agency Affected: Government Publishing Office

  5. Status: Closed - Implemented

    Comments: Please call 202/512-6100 for information.

    Recommendation: The Public Printer should direct the GPO Controller to increase supervision of critical revenue and expense accounting entries, especially when normal accounting procedures are modified or manual or new automated procedures are used.

    Agency Affected: Government Publishing Office

 

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