Status of General Accounting Office Reviews of the Library of Congress

GAO discussed the status of its reviews of the Library of Congress' financial operations. GAO noted that: (1) in response to 1991 GAO recommendations, the Library has designated a Chief Financial Officer, adopted accounting and internal control policies and procedures, implemented a new financial management system, and implemented controls in its Federal Library and Information Network program; (2) the Library has not had a comprehensive financial audit since the initial GAO audit, but its financial improvement plan calls for financial statements audits in 1996; (3) because of resources constraints, GAO has contracted out a comprehensive financial audit and general management review of the Library; (4) it has conducted briefings with Library managers and observed Library operations, focusing on operation planning and direction, decisionmaking, plan execution, organizational structure, personnel management, performance reviews and evaluations, and collection management; and (5) its preliminary work should be completed by mid-December 1995.