District of Columbia: Presentation of the Authority's Financial Information for Fiscal Years 1997 and 1996

Pursuant to a congressional request, GAO compared the audited financial statements and management letters of the District of Columbia Financial Responsibility and Management Assistance Authority for fiscal years (FY) 1996 and 1997 to the District's Comprehensive Annual Financial Report (CAFR) to determine: (1) whether there was agreement of amounts and consistency of presentation regarding the Authority's financial information; and (2) why the District's internal control weakness that relates to the Authority was not identified in the audit report on the Authority's financial statements. GAO also provided information on the: (1) Authority's use of interest income from escrow accounts established on behalf of the District; (2) Authority's purpose for the transaction entitled Taxable Equipment Lease/Purchase Agreement; and (3) status of the Authority's implementation of GAO's suggestions for its financial statements for fiscal years 1995 and 1996.