Senate Restaurants Revolving Fund for Fiscal Years 1999 and 1998
AIMD-00-98: Published: Apr 12, 2000. Publicly Released: Apr 12, 2000.
- Full Report:
Pursuant to a congressional request, GAO reviewed the financial statements of the Senate Restaurants Revolving Fund for the period ended September 30, 1999 and 1998. GAO contracted with the independent public accounting firm of KPMG Peat Marwick LLP to conduct the audit.
GAO noted that: (1) the financial statements were fairly presented in conformity with generally accepted accounting principles; (2) management's assertion that internal controls in place on September 30, 1999, were: (a) effective in safeguarding assets against unauthorized acquisition, use, or disposition; (b) assuring material compliance with laws and regulations; and (c) assuring that there have been no material misstatements in the financial statements is fairly stated; and (3) there was no reportable noncompliance with selected provisions of laws and regulations tested.