Panama Canal Commission's 1996 and 1995 Financial Statements
AIMD-97-92: Published: Jul 10, 1997. Publicly Released: Jul 10, 1997.
- Full Report:
Pursuant to a legislative requirement, GAO audited the Panama Canal Commission's financial statements for the fiscal years (FY) ended September 30, 1996 and 1995, focusing on its: (1) internal controls; and (2) compliance with selected applicable laws and regulations. GAO also presented the results of its examination of the Commission's September 30, 1996 financial forecast that it will be in a position to meet its financial liabilities on December 31, 1999.
GAO noted that: (1) the Panama Canal Commission's financial statements present fairly, in all material respects, the Commission's financial position as of September 30, 1996 and 1995, and the results of its operations, changes in capital, and cash flows for the years then ended, in conformity with generally accepted accounting principles; (2) the underlying assumptions used to prepare the Statement of Financial Viability as of September 30, 1996 provide a reasonable basis for management's assertion that the Commission will be in a position to meet its financial liabilities on December 31, 1999; (3) management's assertion is fairly stated that internal controls in effect on September 30, 1996, provided reasonable assurance that losses, noncompliance, or misstatements material to the financial statements would be prevented or detected; and (4) GAO's tests for compliance with selected provisions of certain laws and regulations disclosed no reportable instances of noncompliance with laws and regulations for the provisions tested.