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092676 1 (1969-10-31)

handle is hein.gao/gaobacwnq0001 and id is 1 raw text is: 7& UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D C. 20548 CIVIL DIVISION Dear Dr. Sutton. We have made a review for the settlement of accounts of accountable officers of the United States Tariff Commission, Washington, D. C., through June 30, 1968. Our review, which was completed in October 1969, was directed pri- marily toward an evaluation of the administrative procedures and internal controls relative to the receipt and disbursement of funds and included such tests of financial transactions and records as we considered appro- priate. Program operations were not included in our review. We found most administrative procedures and internal controls to be generally effective, and the selected financial transactions which we reviewed were generally processed in a satisfactory manner. A few errors involving payroll retirement deductions and reimbursements for travel expenses were brought to the attention of responsible officials who said that appropriate corrective action would be taken. We noted, however, one area in which we believe that the administra- tive procedures and internal controls require strengthening. This matter, which concerns the accounting for nonexpendable property, was discussed with the Director of Administration and members of her staff who promised to take appropriate corrective action. Our findings in this area are summarized below for your information and such further action as you con- sider necessary. Section 202(b) of the Federal Property and Administrative Services Act of 1949 (40 U.S.C. 483) requires each executive agency to maintain inventory controls and accountability systems for the property under its control. Also, section 2 of the Public Law 84-863, approved August 1, 1956 (31 U.S.C. 66a(c)), requires that the accounting system of each agency include adequate monetary property accounting records. According to the Commission's accounting manual, nonexpendable property is to include furniture, fixtures and equipment of a durable nature, having an expected useful life of more than 1 year that does not lose its identity when put into use, and having a value of at least $50. The value of nonexpendable property of the Commission as recozded in the general ledger control account as of June 30, 1968, was $544,854.