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089320 1 (1971-06-02)

handle is hein.gao/gaobacvgp0001 and id is 1 raw text is: ;a UNITED STATES GENERAL AccOUNTING OFFICE SUSWASHINGTON, D.C. 20548 CIVIL DIVISION June 2, 1971 LM089320 Dear Mr. Clark: We have reviewed the financial management system and related financial transactions of the American Battle Monuments Commission for the purpose of settling the accounts of accountable officers through March 31, 1971. The review was directed primarily toward an evaluation of current administrative procedures and controls related to receipts and disbursements, and included such tests of financial transactions as we deemed appropriate. Our review disclosed that the financial transactions and adnini- strative operations were satisfactory for the purpose of settling the accountable officers' accounts. We found, however, that certain accounting records were not being maintained in accordance with the provisions of the agency's approved accounting manual. These records are needed to provide adequate control over Government resources. These matters are summarized below. General ledger accounts: (1) general ledger accounts were not maintained on an accrual cost accounting basis; (2) budgetary control accounts were not maintained in the general ledger; (3) a subsidiary cost distribution register to record the expenditure of funds by object class was not maintained; (4) ABMC Central Office administrative overhead was not dis- tributed to the ABMC Field Offices in the general ledger; (5) a consolidated trial balance was not prepared; (6) Field Office investment accounts did not include the net value of assets under the control of field offices. 50TH ANNIVERSARY 1921-1971