Financial Audit:

MedPAC's Fiscal Year 1998 Schedules of Expenditures and Budgetary Resources

AIMD-99-134: Published: Apr 28, 1999. Publicly Released: Apr 28, 1999.

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GAO reported on the results of the financial-related audit, conducted by KPMG Peat Marwick LLP, of the Medicare Payment Advisory Commission's (MedPAC) Schedules of Expenditures and Budgetary Resources for the year ended September 30, 1998.

GAO noted that: (1) KPMG found the schedules were reliable in all material aspects; (2) KPMG also found material weaknesses related to the segregation of disbursement responsibilities and the recognition of expenses and obligations; (3) there was no reportable noncompliance with the provision of the law KPMG tested; (4) KPMG disclosed material weaknesses and reported them in a separate management letter along with suggestions for improvement; (5) GAO reviewed the KPMG report and related working papers and, as necessary, made inquiries of KPMG representatives and MedPAC's management; and (6) GAO's review disclosed no instances in which KPMG did not comply, in all material respects, with generally accepted government auditing standards.

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