About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline

LOG IN
LOG IN


115137 1 (1981-05-01)

handle is hein.gao/gaobacxtt0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20548 INTERNATIONAL DIVISION MAY U 1981 Mrs. Margaret W. Kahliff, Director Export-Import Bank of the United States /I l 811 Vermont Avenue, NW. qf Washington, D.C. 20571 115137 Dear Mrs. Kahliff: We have recently completed our )audit of bh-Export-Import Bank's ficeal yeaer 1980 financial statements and would like to thank you for the outstanding cooperation, courtesy, and assis- tance extended to us by your entire staff. We thought it would be useful to you to summarize some observations made during our audit which were not included in our report to the Board of Directors. These matters, presented in detail below, have been discussed with Mr. James K. Hess and Mr. Ralph R. Darden of your staff. Mr. Hess agreed to consider them and take appropriate action. These issues did not have a material effect on the fairness of your September 30, 1980, financial presentation. We believe they are important, however, because they identify some areas in which better internal controls could improve your operations and the timeliness of our audit work. NEED TO COMPLETE ACCOUNTING MANUAL In February 1975, we recommended that the Bank prepare an accounting manual of policies and procedures. As we noted at that time, an accounting manual is an important part of a sound internal control system and helps to ensure accurate and reli- able accounting records and operating data. In February 1979, the Bank's former Treasurer-Comptroller assured us of the Bank's commitment to completing an accoutning manual and said that a September 30, 1979, target date had been set for completion., He expressed the belief that the manual, when completed, would enable management to better evaluate accounting controls. C/16, 7 ;/.2-