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 1997-12-15 monographic deposited born digital 37 p. GA 1.13:AIMD-98-30 https://www.govinfo.gov/app/details/GAOREPORTS-AIMD-98-30 P0b002ee1803841d8 f:ai98030 DGPO 2010-08-12 2011-03-24 GAOREPORTS-AIMD-98-30 machine generated eng fdlp REPORT GAOREPORTS-AIMD-98-30 AIMD-98-30 Financial statement audits Federal aid for highways Internal controls Fuel taxes Municipal governments Computer security Financial management systems Accounting procedures Systems conversions Auditing standards DC Highway Trust Fund DC Revolving Fund District of Columbia Letter Report AIMD Pursuant to legislative requirement, GAO reviewed the: (1) financial statements of the District of Columbia Highway Trust Fund for the 14-month period which ended September 30, 1996; (2) 5-year forecasted statements of the Fund expected conditions and operations; and (3) Fund's internal controls and its compliance with the laws and regulations during that 14-month period.<p/>GAO noted that: (1) GAO was unable to give an opinion on the financial statements of the Fund because the lack of adequate documentation limited the scope of its work; (2) specifically, the District did not provide evidence for $3.7 million (36 percent of the $10.3 million) in capital appropriated expenditures and the related liability to the Capital Operating account, thus the financial statements may be unreliable; (3) material weaknesses in internal controls resulted in ineffective controls over: (a) safeguarding assets, specifically revenue cash receipts and the related accounts receivable, from material loss; and (b) assuring that there were no material misstatements in amounts reported in the financial statements, specifically capital appropriated expenditures, the liability to the Capital Operating account, and revenue; (4) in addition, GAO identified material weaknesses in the computer system general controls over physical and logical security, segregation of duties, and service continuity; (5) GAO was unable to report on compliance with laws and regulations because the District lacked adequate documentation; and (6) also because of lack of adequate documentation, GAO was unable to give an opinion on whether the underlying assumptions and methodology used to develop the Fund's 5-year forecasted statements provide a reasonable basis for such statements or whether the statements are presented in conformity with guidelines established by the American Institute of Certified Public Accountants. https://www.govinfo.gov/content/pkg/GAOREPORTS-AIMD-98-30/html/GAOREPORTS-AIMD-98-30.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-AIMD-98-30/pdf/GAOREPORTS-AIMD-98-30.pdf GAO/AIMD-98-30 https://www.govinfo.gov/app/details/GAOREPORTS-AIMD-98-30 Letter Report GAO/AIMD-98-30; Financial Audit: District of Columbia Highway Trust Fund's 1996 Financial Statements; Financial statement audits Federal aid for highways Internal controls Fuel taxes Municipal governments Computer security Financial management systems Accounting procedures Systems conversions Auditing standards DC Highway Trust Fund DC Revolving Fund District of Columbia Volume 109 Page 257 109 Stat. 257 Public Law 104-21