Rural Housing
Shift to Guaranteed Program Can Benefit Borrowers and Reduce Government's Exposure Gao ID: RCED/AIMD-95-63 December 21, 1994GAO audited the balance sheets of the appropriated funds administered by the House Office of the Sergeant at Arms as of December 31, 1993 and June 30, 1993, and the related statements of operations and cash flows. GAO found that the material statements were reliable in all material respects; internal controls reasonably ensured that losses, noncompliance with laws and regulations, and misstatements affecting the financial statements would be prevented or detected; and that there was no material noncompliance with laws and regulations.
GAO found that: (1) the financial statements presented fairly, in conformity with generally accepted accounting principles, the Office's assets, liabilities, government equity, funding sources, expenses, and cash flows; (2) the internal controls in effect on December 31, 1993, reasonably ensured that losses, compliance, or material misstatements would be prevented or detected; and (3) there was no evidence of material noncompliance with applicable laws and regulations.