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Financial Audit: Panama Canal Commission's 1992 and 1991 Financial Statements

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Report Type Reports and Testimonies
Report Date Sept. 10, 1993
Report No. AIMD-93-22
Subject
Summary:

The Panama Canal Commission is a federal executive agency that is responsible for running the Panama Canal until the Canal is turned over to the Republic of Panama at the turn of the century. GAO audited the Commission's 1992 and 1991 financial statements and found that they present fairly its financial position and the results of its operations, changes in the investment of the U.S. government, and cash flows. In GAO's view, the Commission's internal controls reasonably ensure that losses, noncompliance, or misstatements affecting the financial statement would be prevented or detected. During its audit, GAO did discover several matters related to improving data processing and other operations that were not material to the financial statements.

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