Audit of the Bureau of Engraving and Printing Fund for the Year Ended September 30, 1979

GGD-80-47: Published: May 5, 1980. Publicly Released: May 5, 1980.

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The Bureau of Engraving and Printing's financial statements for the fiscal year ended September 30, 1979, were examined as required by the Accounting and Auditing Act. The Act also requires the Comptroller General to approve accounting systems when they are deemed adequate and conform to prescribed principles, standards, and related requirements. The Bureau's accounting system was last approved on July 9, 1952. Since then, changes have been made which have not been approved, including a new personnel and payroll system and a method for accounting for additional funds collected for capital equipment and working capital. The statements examined did not include (1) interest on the investment of the Government in the Bureau of Engraving and Printing Fund, (2) depreciation on the Bureau's buildings excluded from the assets of the fund by law, and (3) costs of certain services performed by other agencies for the Bureau. The amount of these costs was not readily determinable. The financial statements were examined in accordance with the Comptroller General's standards for auditing financial transactions, accounts, and reports of governmental activities. It was the opinion of GAO that the financial statements presented fairly the financial position of the Bureau of Engraving and Printing Fund at September 30, 1979, and the results of its operations and changes in its financial position for the period ended September 30, 1979.

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