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Financial Audit: Panama Canal Commission's 1991 and 1990 Financial Statements

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Report Type Reports and Testimonies
Report Date Aug. 18, 1992
Report No. AFMD-92-69
Subject
Summary:

Each year, GAO is required to audit the Panama Canal Commission, a federal agency that will run the canal until Panama takes it over at the turn of the century. In GAO's opinion, the Commission's financial statements present fairly its financial position for fiscal years 1991 and 1990 and the results of its operations, changes in the investment of the U.S. government, and cash flows for those years. GAO also believes that internal controls are providing reasonable assurances that losses, noncompliance, or misstatements affecting the financial statements would be prevented or detected. GAO identifies several matters involving data processing and other operations that need improvement.

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