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NCJ Number: 67996 Add to Shopping cart Find in a Library
Title: LETTER REPORT - INTER-AMERICAN FOUNDATION
Author(s): J K FASICK
Corporate Author: US Government Accountability Office
United States of America
Date Published: 1979
Page Count: 4
Sponsoring Agency: Azimuth Inc.
Fairmont, WV 26554
US Government Accountability Office
Washington, DC 20548
Sale Source: Azimuth Inc.
1000 Technology Drive, Suite 3120
Fairmont, WV 26554
United States of America
Language: English
Country: United States of America
Annotation: THIS LETTER DISCUSSES PROBLEMS WITH ACCOUNTING PROCEDURES AND EFFICIENCY FOLLOWING A COMPLETE AUDIT OF THE INTER-AMERICAN FOUNDATION AND RECOMMENDS WAYS TO RECONCILE THESE PROBLEMS.
Abstract: TO IMPROVE ITS INTERNAL CONTROLS, THE FOUNDATION SHOULD EXPAND ITS INTERNAL AUDIT FUNCTION, PROVIDE FOR REVIEW OF INDIVIDUAL PAYROLL TRANSACTIONS IN THE COMPREHENSIVE PAYROLL REGISTER, REQUIRE THAT THE SUBSIDIARY LEDGERS AND DETAIL SCHEDULES BE RECONCILED MONTHLY TO THE GENERAL LEDGER, AND REQUIRE ADEQUATE SUPPORT FOR ALL ADJUSTING ENTRIES FOR THE GENERAL LEDGER ACCOUNTS. THE INTERNAL AUDIT FUNTION SHOULD INCLUDE AN EXAMINATION OF FINANCIAL TRANSACTIONS, ACCOUNTS, AND REPORTS, INCLUDING AN EVALUATION OF COMPLIANCE WITH APPLICABLE LAWS AND REGULATIONS; A REVIEW OF WHETHER RESOURCES ARE USED EFFICIENTLY AND ECONOMICALLY; AND A REVIEW TO DETERMINE WHETHER DESIRED RESULTS ARE EFFECTIVELY ACHIEVED. THE FOUNDATION FELL SHORT OF THESE GOALS IN ITS FINANCIAL STATEMENTS FOR FISCAL YEAR 1977 AND 1978. (JLF)
Index Term(s): Accounting methods; Auditing standards; Audits; Financial management
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http://www.ncjrs.gov/App/publications/abstract.aspx?ID=67996

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