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Financial Audit: Panama Canal Commission's 1994 and 1993 Financial Statements

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Report Type Reports and Testimonies
Report Date March 31, 1995
Report No. AIMD-95-98
Subject
Summary:

The Panama Canal Commission is a federal agency that is charged with operating the canal until the canal is turned over to the Republic of Panama on December 31, 1999. In GAO's opinion, the Commission's financial statements for 1994 and 1993 fairly present its financial position and the results of its operations, changes in capital, and cash flows. Also, GAO believes that management's assertion is fairly stated that internal controls reasonably ensured that losses, noncompliance, or misstatements affecting the financial statements would be prevented or detected on a timely basis. Also, GAO found no reportable noncompliance with laws and regulations. GAO did identify several matters relating to controls over the Commission's computers that needed improving.

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