Report of the Audit of the Working Capital Fund for Fiscal Year 1993

EXECUTIVE SUMMARY:

This report provides the results of Price Waterhouse's (PW) audit of the Office of the Secretary's Working Capital Fund (Fund) for Fiscal Year 1993. The PW concluded that the Fund's financial statements are presented fairly in conformity with generally accepted accounting principles, except that the fund did not perform an adequate physical inventory of its property and equipment. Appropriate actions, including a physical count of all Fund property, are being taken to correct this deficiency. With regard to compliance with laws and regulations, PW reported that their tests of compliance disclosed no material instances of noncompliance. Finally, PW did recommend needed improvements to some internal controls.

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