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 1998-02-27 monographic deposited born digital 44 p. GA 1.13:AIMD-98-81 https://www.govinfo.gov/app/details/GAOREPORTS-AIMD-98-81 P0b002ee18037cb24 f:ai98081 DGPO 2010-08-12 2011-03-28 GAOREPORTS-AIMD-98-81 machine generated eng fdlp REPORT GAOREPORTS-AIMD-98-81 AIMD-98-81 Financial statement audits Accounting procedures Internal controls Auditing procedures Financial management systems GSA Financial Management Software Systems Multiple Award Schedule Letter Report AIMD Pursuant to a legislative requirement, GAO audited the financial statements of the American Battle Monuments Commission (ABMC) for fiscal year ended September 30, 1997. To help fulfill these responsibilities, GAO contracted with KPMG Peat Marwick LLP, an independent certified public accounting firm.<p/>GAO noted that: (1) the ABMC's balance sheet as of September 30, 1997, was reliable in all material aspects; (2) for a first year audit, it was not feasible for KPMG to extend the necessary auditing procedures to determine if the ABMC's remaining principal financial statements for the fiscal year ended September 30, 1997, were reliable in all material aspects; (3) ABMC fairly stated that internal controls in place as of September 30, 1997, were effective in: (a) assuring material compliance with laws governing the use of budget authority and with other relevant laws and regulations; and (b) safeguarding assets against loss from unauthorized acquisition, use, or disposition; (4) however, ABMC management also fairly stated that internal controls in place as of September 30, 1997, were not effective in ensuring that transactions were properly recorded, processed, and summarized to permit the preparation of reliable financial statements and to maintain accountability of assets; (5) in this regard, KPMG noted four areas of reportable conditions, three of which it considered to be material weaknesses; and (6) no reportable instances of noncompliance with laws and regulations tested were found. https://www.govinfo.gov/content/pkg/GAOREPORTS-AIMD-98-81/html/GAOREPORTS-AIMD-98-81.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-AIMD-98-81/pdf/GAOREPORTS-AIMD-98-81.pdf GAO/AIMD-98-81 https://www.govinfo.gov/app/details/GAOREPORTS-AIMD-98-81 Letter Report GAO/AIMD-98-81; Financial Audit: American Battle Monuments Commission's Financial Statements for Fiscal Year 1997; Financial statement audits Accounting procedures Internal controls Auditing procedures Financial management systems GSA Financial Management Software Systems Multiple Award Schedule Public Law 104-275