First Audit of the Forest Service's Financial Statements

T-AFMD-91-4: Published: Apr 25, 1991. Publicly Released: Apr 25, 1991.

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GAO discussed its audit of the Forest Service's financial statements for fiscal year (FY) 1988, focusing on whether: (1) there were weaknesses in internal controls; (2) accounting systems adequately accounted for resources received and spent; (3) internal management adequately reported problems; and (4) financial reporting provided accurate and reliable information regarding the efficiency and effectiveness of operations and future resource needs. GAO noted that the: (1) Service's inaccurate financial information made it difficult to determine the true value of its property; (2) Service reported two violations of the Antideficiency Act, involving its overobligations of National Forest System budgetary resources by $4,348,805, and its overobligation of its FY 1987 Job Corps allotment by $582,550; (3) Service's timber program accounting system included inaccurate values for timber and related facilities, but the Service subsequently initiated actions to ensure that the system accurately recognizes costs in accordance with generally accepted accounting principles; and (4) Service's external reports did not include information that accurately reflected the results of its operations or its financial position.

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