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Financial Audit: Panama Canal Commission's 1996 and 1995 Financial Statements

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Report Type Reports and Testimonies
Report Date July 10, 1997
Report No. AIMD-97-92
Subject
Summary:

GAO audited the Panama Canal Commission's 1996 and 1995 financial statements. In GAO's opinion, the financial statements present fairly, in all material respects, the Commission's financial positions, the results of its operations, and changes in capital and cash flows. GAO also examined the Statement of Financial Viability as of September 30, 1996, and found that the underlying assumptions provide a reasonable basis for management's assertion that the Commission will be able to meet its financial liabilities on December 31, 1999. In GAO's opinion, internal controls provided reasonable assurance that losses, noncompliance, or misstatements material to the financial statements would be prevented or detected. GAO found no reportable instances of noncompliance with laws and regulations.

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