Financial Audit:

Schedule of Loans Receivable Serviced by the Bureau of the Public Debt

AIMD-98-66R: Published: Feb 27, 1998. Publicly Released: Feb 27, 1998.

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Gary T. Engel
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Office of Public Affairs
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Pursuant to a legislative requirement, GAO reviewed the results of the audit of the Schedule of Loans Receivable from Federal Entities and Related Interest Receivable Serviced by the Bureau of the Public Debt (BPD) at September 30, 1997. GAO contracted with the independent public accounting firm of KPMG Peat Marwick LLP to audit the Schedule of Loans Receivable as of September 30, 1997.

GAO noted that: (1) in its audit of the Schedule of Loans Receivable, KPMG found that: (a) the Schedule of Loans Receivable was reliable in all material respects; (b) management fairly stated that the related internal controls in place on September 30, 1997, were effective in safeguarding assets against unauthorized acquisition, use, or disposition; assuring material compliance with laws and regulations relevant to the Schedule of Loans Receivable; and assuring that there were no material misstatements in the Schedule of loans Receivable; and (c) there was no reportable noncompliance with selected provisions of the laws and regulations it tested; and (2) KPMG's audit disclosed a reportable condition, which it did not consider to be a material weakness, related to procedures in place to ensure the completeness of recording of interest income earned on loans receivable.

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