Menu Search Account

LegiStorm

Get LegiStorm App Visit Product Demo Website
» Get LegiStorm App
» Get LegiStorm Pro Free Demo

Financial Audit: Trans-Alaska Pipeline Liability Fund's 1988 Financial Statements

  Premium   Download PDF Now (18 pages)
Report Type Reports and Testimonies
Report Date Sept. 29, 1989
Report No. AFMD-89-104
Subject
Summary:

Pursuant to a legislative requirement, GAO reviewed an independent accountant's audit of the Trans-Alaska Pipeline Liability Fund's financial statements as of December 31, 1988.

GAO found that: (1) the audit found that the Fund's financial statements fairly presented its financial position; (2) the audit did not disclose any material weaknesses or noncompliance with laws or regulations; (3) while the Fund has never had to pay a claim since its establishment in 1973, damages related to a March 1989 oil spill are expected to exceed the Fund's maximum liability; and (4) the Fund will contest any claims related to that spill, since it believes that a shipping company's negligence caused the spill.

« Return to search Government Accountability Office reports