Federal Prison Industries, Inc., Financial Statements for FY 1985
AFMD-86-40: Published: May 29, 1986. Publicly Released: May 29, 1986.
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GAO examined the Bureau of Prisons' Federal Prison Industries' (UNICOR) balance sheet for the year ended September 30, 1985, and its statements of income and cumulative results of operations for the year then ended.
GAO found that: (1) the balance sheet presented fairly the UNICOR financial position as of September 30, 1985, in conformity with generally accepted accounting principles applied on a consistent basis; (2) it could not express an opinion on the related statements of income and changes in financial position because it did not observe physical inventories UNICOR took at the beginning of the year; and (3) UNICOR perpetuated one severe internal control weakness by failing to reconcile, on a monthly basis, its cash balance with the cash balance that the Treasury reported for it.
Recommendation for Executive Action
Status: Closed - Implemented
Comments: Reconciliations for prior periods were completed and will be required for the future on a monthly basis.
Recommendation: The Commissioner, UNICOR, should direct the Controller to identify the cause of the difference in cash balances between UNICOR and the Treasury and to perform a monthly cash reconciliation as prescribed by UNICOR procedures.
Agency Affected: Department of Justice: Bureau of Prisons: Federal Prison Industries, Inc. (UNICOR)
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