Financial Audit of the National Institutes of Health's Service and Supply Fund and Management Fund for Fiscal Year 1993

EXECUTIVE SUMMARY:

This final audit report, prepared by Price Waterhouse (PW), Certified Public Accountants, points out that PW could not express an opinion on the subject Funds' financial statements. The PW disclaimers of opinion resulted because (1) PW was unable to satisfy themselves as to the reliability of reported account balances for inventory, property and equipment, accounts payable, leased computer equipment, and associated revenue and expenditure accounts and (2) the necessary documentation supporting expenditures in both Funds, and data supporting revenue in the Management Fund, were not available for examination. These problems are primarily attributable to significant weaknesses in internal controls identified in prior audits that remain uncorrected.

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