Financial Audit:

Senate Restaurants Revolving Fund for Fiscal Years 1998 and 1997

AIMD-99-185: Published: Jun 15, 1999. Publicly Released: Jun 15, 1999.

Additional Materials:


Robert W. Gramling
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Pursuant to a congressional request, GAO reviewed the financial statements of the Senate Restaurants Revolving Fund for the fiscal years (FY) ended September 30, 1998 and 1997. GAO contracted with KPMG Peat Marwick LLP to conduct the audit.

GAO noted that: (1) in its audit of the U.S. Senate Restaurants Revolving Fund, KPMG found that: (a) the financial statements were reliable in all material respects; (b) management fairly stated its assertion that internal controls in place on September 30, 1998, were effective in safeguarding assets against unauthorized acquisition, use, or disposition, assuring material compliance with laws and regulations, and ensuring that there have been no material misstatements in the financial statements; and (c) there was no reportable noncompliance with laws and regulations KPMG tested; (2) with respect to weaknesses in the Fund's logical computer access controls reported by KPMG in its FY 1997 audit report, the Fund's management initiated actions designed to strengthen these important controls; (3) logical access controls involve the use of computer hardware, software, and related procedures to prevent or detect unauthorized access to computer software and data; (4) while progress has been made in strengthening these important controls during FY 1998, additional actions need to be taken; (5) the need for further action on logical access controls along with other matters involving the Fund's internal controls identified by KPMG have been reported separately to the Fund's management; (6) also, the Fund's management is in the process of upgrading the Fund's computer systems and applications in response to the year 2000 computing problem; (7) management expects that testing and subsequent activation of year 2000-compliant replacement software and related applications will be completed by July 1999; and (8) the results of GAO's review of KPMG's audit disclosed no instances where KPMG did not comply, in all material respects, with generally accepted government auditing standards.

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