United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office Accounting and Information Management Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1996-03-29 monographic deposited born digital 40 p. GA 1.13:AIMD-96-61 https://www.govinfo.gov/app/details/GAOREPORTS-AIMD-96-61 P0b002ee1803889be f:ai96061 DGPO 2010-08-12 2011-03-28 GAOREPORTS-AIMD-96-61 machine generated eng fdlp REPORT GAOREPORTS-AIMD-96-61 AIMD-96-61 Financial statement audits Internal controls Financial management Foreign governments Independent agencies Land transfers Accounting procedures Information systems Panama Canal Commission Fund Panama Canal Letter Report AIMD

This report presents the results of GAO's audits of the Panama Canal Commission's financial statements for fiscal years 1995 and 1994. In GAO's opinion, the Commission's financial statements present fairly, in all material respects, its financial position for those fiscal years, and the results of its operations, changes in capital, and cash flows in conformity with generally accepted accounting principles. GAO believes that although improvements are needed in internal controls governing the review of the classification of obligations for consultant services under congressional spending limitations, internal controls reasonably ensured that losses, noncompliance, or misstatements material to the financial statements would be prevented or detected. GAO did find an Antideficiency Act violation related to noncompliance with a congressional spending limitation. But the noncompliance was not material to the financial statements, and management has instituted internal controls that should prevent future noncompliance. https://www.govinfo.gov/content/pkg/GAOREPORTS-AIMD-96-61/html/GAOREPORTS-AIMD-96-61.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-AIMD-96-61/pdf/GAOREPORTS-AIMD-96-61.pdf GAO/AIMD-96-61 https://www.govinfo.gov/app/details/GAOREPORTS-AIMD-96-61 Letter Report GAO/AIMD-96-61; Financial Audit: Panama Canal Commission's 1995 and 1994 Financial Statements; Financial statement audits Internal controls Financial management Foreign governments Independent agencies Land transfers Accounting procedures Information systems Panama Canal Commission Fund Panama Canal Title 31 Section 1341 Title 31 Section 1351 Title 31 Chapter 91 31 U.S.C. 1341 31 U.S.C. 1351 31 U.S.C. Chapter 91 Public Law 103-331 Public Law 104-106