Financial Audit: Capitol Preservation Fund for Years Ended September 30,
1995 and 1994 (Letter Report, 07/05/96, GAO/AIMD-96-97).
The Capitol Preservation Commission was established in 1988 to help
preserve and make improvements to the United States Capitol. Operations
of the Commission are paid for out of the Capitol Preservation Fund,
which is sustained through charitable contributions and the sale of
commemorative coins. GAO audited the Fund's financial statements for
the fiscal years ending September 30, 1995 and 1994 and found that they
were reliable in all material respects. In addition, there was no
material weakness in the Fund's internal control structure and its
operations for those years, and the Fund complied with laws and
regulations.
--------------------------- Indexing Terms -----------------------------
REPORTNUM: AIMD-96-97
TITLE: Financial Audit: Capitol Preservation Fund for Years Ended
September 30, 1995 and 1994
DATE: 07/05/96
SUBJECT: Financial statement audits
Fund audits
Funds management
Financial management
Accounting procedures
Auditing standards
Legislative bodies
Internal controls
Financial records
IDENTIFIER: Capitol Preservation Fund
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Cover
================================================================ COVER
Report to the Congress
July 1996
FINANCIAL AUDIT - CAPITOL
PRESERVATION FUND FOR YEARS ENDED
SEPTEMBER 30, 1995 AND 1994
GAO/AIMD-96-97
Capitol Preservation Fund
(911720)
Abbreviations
=============================================================== ABBREV
CPF - Capitol Preservation Fund
DOD - x
Letter
=============================================================== LETTER
B-271525
July 5, 1996
To the President of the Senate and the
Speaker of the House of Representatives
This report presents the results of the audit of the Capitol
Preservation Fund's (CPF) financial statements for the fiscal years
ended September 30, 1995 and 1994.
We are sending copies of this report to all members of the Capitol
Preservation Commission, the Architect of the Capitol, and other
interested parties. Copies will be made available to others upon
request.
This report was prepared under the direction of David L. Clark,
Director, Audit Oversight and Liaison, who may be reached at (202)
512-9489 if you or your staffs have any questions.
Charles A. Bowsher
Comptroller General
of the United States
Letter
=============================================================== LETTER
B-271525
To the President of the Senate and the
Speaker of the House of Representatives
Under 40 U.S.C. 188a-3, the General Accounting Office is responsible
for auditing the Capitol Preservation Fund (CPF). The purpose of
this audit was to determine whether the financial statements for the
fiscal years ended September 30, 1995 and 1994, were reliable in all
material respects; gain an understanding of CPF's internal control
structure in order to determine audit procedures; and determine
whether CPF complied with selected provisions of certain laws and
regulations. Our report, Financial Audit: Capitol Preservation Fund
for 6 Months Ended 9/30/93 and Year Ended 3/31/93 (GAO/AIMD-94-124,
August 4, 1994), presented the results of the last audit of CPF.
To help fulfill our responsibility under 40 U.S.C. 188a-3, we
contracted with the independent public accounting firm of Mitchell &
Titus, LLP, to perform audit work. We determined the scope of the
audit work, monitored Mitchell & Titus' progress at all key points,
reviewed its audit working papers, and performed other procedures we
deemed necessary. The audit was conducted in accordance with
generally accepted government auditing standards.
OPINION ON FINANCIAL STATEMENTS
------------------------------------------------------------ Letter :1
We concur with Mitchell & Titus' opinion that the Capitol
Preservation Fund's fiscal years 1995 and 1994 financial statements
and accompanying notes present fairly, in all material respects,
CPF's financial position as of September 30, 1995 and 1994, and the
results of its operations and its cash flows for the years then
ended, in conformity with generally accepted accounting principles.
CONSIDERATION OF INTERNAL
CONTROLS
------------------------------------------------------------ Letter :2
Mitchell & Titus gained an understanding of internal controls
designed to
-- safeguard assets against loss from unauthorized acquisition,
use, or disposition;
-- assure the execution of transactions in accordance with laws and
regulations that could have a direct and material effect on the
financial statements; and
-- properly record, process, and summarize transactions to permit
the preparation of reliable financial statements and to maintain
accountability over assets.
Mitchell & Titus reported that the objective of its internal control
work was to determine procedures for auditing the financial
statements, not to express an opinion on internal controls.
Accordingly, Mitchell & Titus did not express such an opinion.
However, for the controls it tested, Mitchell & Titus reported that
it found no material weaknesses in the internal control structure and
its operations for the fiscal years ended September 30, 1995 and
1994. A material weakness is a condition in which the design or
operation of one or more of the internal control structure elements
does not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material to the financial
statements may occur and not be detected promptly by employees in the
normal course of performing their duties. Mitchell & Titus' internal
control work would not necessarily disclose all material weaknesses.
We concur with Mitchell & Titus' findings regarding the Capitol
Preservation Fund's internal controls.
COMPLIANCE WITH LAWS AND
REGULATIONS
------------------------------------------------------------ Letter :3
Mitchell & Titus also reported that the results of its test of CPF's
compliance with selected provisions of certain laws and regulations
disclosed no instances of noncompliance that would be reportable
under generally accepted government auditing standards. It further
stated that the objective of its audit of CPF's financial statements
was not to provide an opinion on overall compliance with such
provisions. Accordingly, Mitchell & Titus did not express such an
opinion. We concur with Mitchell & Titus' findings regarding CPF's
compliance with laws and regulations.
Charles A. Bowsher
Comptroller General
of the United States
March 8, 1996
REPORT ON AUDIT OF THE CAPITOL
PRESERVATION FUND
=========================================================== Appendix I
Report of Independent Public
Accountants
(See figure in printed
edition.)
(See figure in printed
edition.)
(See figure in printed
edition.)
Statements of Financial
Position
(See figure in printed
edition.)
Statements of Revenues and
Expenses
(See figure in printed
edition.)
Statements of Cash Flows
(See figure in printed
edition.)
Notes to Financial Statements
(See figure in printed
edition.)
(See figure in printed
edition.)
*** End of document. ***