Examination of the Federal Election Commission's Financial Statements for the Year Ended September 30, 1982
AFMD-84-40: Published: Jun 26, 1984. Publicly Released: Jun 26, 1984.
- Full Report:
In response to a request from the Federal Election Commission, GAO examined its financial statements for the year ended September 30, 1982, in accordance with generally accepted Government auditing standards and evaluated its system of internal accounting controls.
GAO found weaknesses in internal controls and noncompliance with fund control laws and regulations which compelled it to withdraw earlier approval of the Commission's accounting system. In view of these weaknesses, GAO expanded the nature and extent of its audit procedures to enable it to render an opinion on the Commission's financial statements. GAO found that the financial statements presented fairly the financial position of the Commission as of September 30, 1982, the results of its operations, and the changes in its financial position and Government equity for the year then ended, in conformity with generally accepted accounting principles applied on a consistent basis.