Financial Audit: Senate Photographic Studio Revolving Fund Financial
Statements for the Year Ended March 31, 1992 (Letter Report, 12/20/94,
GAO/AIMD-95-25).
GAO audited the balance sheet of the Senate Photographic Studio
Revolving Fund as of March 31, 1992, and the related statements of
operations and cash flows for the year then ended. GAO found that the
financial statements were reliable in all material respects; internal
controls reasonably ensured that losses, nonconformance with laws and
regulations, and misstatements affecting the financial statements would
be prevented or detected; and there was no material noncompliance with
laws and regulations.
--------------------------- Indexing Terms -----------------------------
REPORTNUM: AIMD-95-25
TITLE: Financial Audit: Senate Photographic Studio Revolving Fund
Financial Statements for the Year Ended March 31,
1992
DATE: 12/20/94
SUBJECT: Accounting procedures
Auditing standards
Financial statement audits
Revolving funds
Legislative bodies
Internal controls
Funds management
Financial management
Fund audits
IDENTIFIER: Senate Recording and Photographic Studios Revolving Fund
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Cover
========================================================================== COVER
Report to the Sergeant at Arms
U.S. Senate
December 1994
FINANCIAL AUDIT - SENATE PHOTOGRAPHIC
STUDIO REVOLVING FUND FINANCIAL
STATEMENTS FOR THE FISCAL YEAR ENDED
MARCH 31, 1992
GAO/AIMD-95-25
Senate Photographic Studio Revolving Fund
Abbreviations
========================================================================= ABBREV
Letter
========================================================================= LETTER
B-259267
December 20, 1994
The Honorable Robert L. Benoit
Sergeant at Arms
United States Senate
Dear Mr. Benoit:
As your predecessor requested, we audited the accompanying balance sheet of the
Senate Photographic Studio Revolving Fund as of March 31, 1992, and the related
statements of operations and cash flows for the year then ended. We found
the financial statements were reliable in all material respects;
internal controls in effect on March 31, 1992, provided reasonable assurance
that losses, noncompliance with laws and regulations, and misstatements
material to the financial statements would be prevented or detected; and
no material noncompliance with laws and regulations we tested.
The following sections outline each conclusion in more detail and discuss the
scope of our audit.
OPINION ON FINANCIAL STATEMENTS
---------------------------------------------------------------------- Letter :1
The financial statements and accompanying notes present fairly, in conformity
with generally accepted accounting principles, the Fund's
assets, liabilities, and government equity;
revenues and expenses; and
cash flows.
As discussed in note 3, the financial statements present the results of
activities financed through the Senate Photographic Studio Revolving Fund and
are not intended to represent the financial position and results of operations
of the Senate Photographic Studio as a whole. Other significant identifiable
costs, such as employee salaries and benefits, which are financed by other
appropriated funds, are not included in the financial statements, but are
disclosed in note 3. Also, the statements do not include such costs as space
and utilities, which are not readily identifiable.
OPINION ON INTERNAL CONTROLS
---------------------------------------------------------------------- Letter :2
The internal controls we evaluated were those designed to
safeguard assets against loss from unauthorized use or disposition;
assure the execution of transactions in accordance with laws and regulations;
and
properly record, process, and summarize transactions to permit the preparation
of financial statements and to maintain accountability for assets.
Those controls in effect on March 31, 1992, provided reasonable assurance that
losses, noncompliance, or misstatements material to the financial statements
would be prevented or detected.
COMPLIANCE WITH LAWS AND REGULATIONS
---------------------------------------------------------------------- Letter :3
Our audit tests for compliance with selected provisions of laws and regulations
disclosed no material instances of noncompliance. Also, nothing came to our
attention in the course of our other work to indicate that material
noncompliance with such provisions occurred.
OBJECTIVES, SCOPE, AND METHODOLOGY
---------------------------------------------------------------------- Letter :4
Studio management is responsible for
preparing annual financial statements in conformity with generally accepted
accounting principles,
establishing and maintaining internal controls to provide reasonable assurance
that the internal control objectives mentioned above are met, and
complying with applicable laws and regulations.
We are responsible for obtaining reasonable assurance about whether (1) the
financial statements are reliable (free of material misstatement and presented
fairly in conformity with generally accepted accounting principles) and (2)
relevant internal controls are in place and operating effectively. We are also
responsible for testing compliance with selected provisions of laws and
regulations.
In order to fulfill these responsibilities, we
examined, on a test basis, evidence supporting the amounts and disclosures in
the financial statements;
assessed the accounting principles used and significant estimates made by
management;
evaluated the overall presentation of the financial statements;
evaluated and tested relevant internal controls, including those over treasury,
revenues, expenditures, property (equipment), inventory, and financial
reporting; and
tested compliance with selected provisions of 2 U.S.C. 123b and 123b-1 and the
Department of Treasury regulations on cash.
We limited our work to accounting and other controls necessary to achieve the
objectives outlined in our opinion on internal controls. Because of inherent
limitations in any system of internal control, losses, noncompliance, or
misstatements may nevertheless occur and not be detected. We also caution that
projecting our evaluation to future periods is subject to the risk that
controls may become inadequate because of changes in conditions or that the
degree of compliance with controls may deteriorate.
We performed our work in accordance with the generally accepted government
auditing standards. We completed our audit work on September 23, 1994.
Sincerely yours,
Charles A. Bowsher
Comptroller General
of the United States
FINANCIAL STATEMENTS
===================================================================== Appendix 0
Balance Sheet
(See figure in printed edition.)
Statement of Operations
(See figure in printed edition.)
Statement of Cash Flows
(See figure in printed edition.)
Notes to Financial Statements
(See figure in printed edition.)
(See figure in printed edition.)
*** End of document. ***