Financial Audit:

Independent Counsel Expenditures for the Six Months Ended March 31, 1998

AIMD-98-285: Published: Sep 30, 1998. Publicly Released: Sep 30, 1998.

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Pursuant to a legislative requirement, GAO audited the expenditures of 6 independent counsels for the 6 months ended March 31, 1998, focusing on their reliability, internal controls, and compliance with applicable laws and regulations.

GAO noted that: (1) the counsels' statements of expenditures were reliable in all material respects and fairly presented the respective expenditures of their offices for 6 months ended March 31, 1998; (2) there were no material internal control weaknesses in the counsels' reporting of expenditures; (3) GAO gained an understanding of internal controls whose objectives are to: (a) safeguard assets against loss from unauthorized acquisition, use, or disposition; (b) assure the execution of transactions in accordance with laws governing the use of budget authority and with other laws and regulations that have a direct and material effect on the statements of expenditures; (c) properly record, process, and summarize transactions to permit the preparation of reliable statements of expenditures and to maintain accountability for assets; and (4) there was no reportable noncompliance with selected applicable laws or regulations.

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