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089074 1 (1977-03-09)

handle is hein.gao/gaobacvca0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE REGIONAL OFFICE ROOM 201 415 FIRST AVENUE NORTH SEATTLE, WASHINGTON 98109 MAR 9 1977 Major General Wesley E Peel Division Engineer, North Pacific Division U S Army Corps of Engineers 210 Customs House Portland, Oregon 97209 Dear General Peel We have completed our review of the Corps of Engineers (Corps) project financial statements for the fiscal year ended June,30, 1976 The purpose of our review was to determine the reasonableness and propriety of the project financial statements submitted by the North Pacific Division (NPD) to the Bonneville Power Administration for inclusion in the fiscal year 1976 Federal Columbia River Power System consolidated financial statements Our review included such test of accounting records, financial procedures, and controls as we considered necessary in the circumstances Our 1976 detailed review work was performed primarily at the Portland and Seattle Districts Matters requiring changes on the financial statements were brought to the attention of responsible district officials and resolved during our audit In addition, we identified several areas where procedures affecting the financial records could be improved TRANSACTIONS WHICH REQUIRED - CHANGES TO THE FINANCIAL STATEMENTS 1. Interest was incorrectly stated on the financial statements of the Libby, Ice Harbor, Little Goose, and Lower Granite Projects Libby --Interest on the Federal Investment was understated by $3,961,434 on the Statement of Assets and Liabilities 0 9707