First Audit of the Financial Operations of the Library of Congress

T-AFMD-92-2: Published: Nov 12, 1991. Publicly Released: Nov 12, 1991.

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GAO discussed the results of its first audit of Library of Congress financial operations, focusing on: (1) an overview of the weaknesses found; (2) the Library's proposed corrective actions; and (3) areas needing additional attention. GAO noted that the Library: (1) operations fell short of meeting accounting standards in its ability to account for and control major groups of assests and liabilities, produce reliable financial information, and achieve intended objectives and control funding provided; (2) has taken a number of steps to strengthen its Federal Library and Information Network (FEDLINK), including establishing policies and procedures to restrict FEDLINK services and prohibit the carryover of expired funds and use of gift fund accounts; and (3) needs to improve its ability to reliably accumulate costs for the reimbursable services as well as for new acquisitions.

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