Financial Audit:

Panama Canal Commission's 1994 and 1993 Financial Statements

AIMD-95-98: Published: Mar 31, 1995. Publicly Released: Mar 31, 1995.

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Pursuant to a legislative requirement, GAO audited the Panama Canal Commission's (PCC) financial statements for the years ended September 30, 1994, and 1993, focusing on PCC: (1) internal controls; and (2) compliance with selected laws and regulations.

GAO found that: (1) PCC ended fiscal year (FY) 1994 with more than one-half the net operating revenues it received for FY 1993 despite an increase in total operating revenues; (2) by the end of FY 1994, PCC assets, liabilities, and reserves decreased while capital increased; (3) the financial statements presented fairly, in accordance with generally accepted accounting principles, the Commission's assets, liabilities, capital, revenue, expenses, changes in capital, and cash flows for the years then ended; (4) the internal controls in effect as of September 30, 1994, reasonably ensured that losses, noncompliance, or material misstatements would be prevented or detected; (5) there was no evidence of material noncompliance with applicable laws and regulations; and (6) although supplementary cost information was not audited, it was consistent with the financial statements.

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