Financial Audit:

Panama Canal Commission's Financial Statements for 1986 and 1985

AFMD-87-45: Published: Sep 30, 1987. Publicly Released: Sep 30, 1987.

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GAO examined the Panama Canal Commission's (PCC) statement of its financial position as of September 30, 1986 and 1985, and the related statements of operations and non-interest bearing investment, the changes in the government's investment, the changes in financial position, and the status of appropriations for the years then ended.

GAO found that PCC did not obtain regulatory approval in advance of establishing a floating equipment reserve to provide for future repairs. GAO also found that: (1) except for the establishment of the reserve, the financial statements presented fairly the PCC financial position; and (2) PCC complied with the terms and provisions of laws and regulations for the transactions that could have materially affected its financial statements.

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